#HOOD

$BTC

Bitcoin Poised to Rebound From Recent Dip

The cryptocurrency market started 2024 on a high after a solid rally in 2023. A historic step in the crypto space was taken on Jan 10 when the U.S. Securities and Exchange Commission (SEC) gave approval to 11 spot Bitcoin (BTC) exchange-traded funds (ETFs).

The decision is expected to change the entire ballgame as it will now allow retail investors, money managers and other financial institutions to trade Bitcoin without actually owning it.

The SEC’s announcement saw Bitcoin, the world’s largest cryptocurrency, rallying past $47,000. However, the rally has since stalled and prices have been on a freefall. On Feb 1, Bitcoin was trading around $43,131 after falling to nearly $39,600 in the last week of January.

Stocks in Focus

Robinhood Markets, Inc. HOOD operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies using its Robinhood Crypto platform.

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