Header logo
  1. Research
  2. Crypto Research
  3. Market Update

Robinhood Receives Wells Notice, LayerZero Addresses Sybil Activity

May 6, 2024
Author
Tom Couture
Tom Couture AC
Market Update U.S. equities are extending Friday’s rally, with the $SPY and $QQQ both gaining about 0.65%. This week’s macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and it’ll be interesting to monitor if they take a dovish or hawkish tone after Powell’s dovish speech last week. Crypto markets gained over the weekend, with #BTC (-1.48%) reaching a high of $65.5k early this morning before turning negative to $63.1k. Similarly, #ETH (-2.15%) eclipsed $3,200 this morning and is now trading at $3,070. As mentioned in Friday’s market update, Friend.tech had a disappointing token launch with price and TVL dropping. #FRIEND has rallied back to $2.39, although TVL has continued to plummet, down to $11.22 million.Robinhood Markets (HOOD) disclosed that its crypto unit, Robinhood Crypto, received a Wells Notice from the SEC disclosing plans to file an enforcement action regarding securities violations. Robinhood issued a statement reflecting its disappointment in the SECs behavior after the company's concerted effort to comply with regulations and set up a special purpose broker deal with the SEC. The SEC continues to go down a war path against the cryp

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

Bitcoin could soar an additional 38% after topping its record high of $65,000, according to Fairlead's Katie Stockton

CRYPTO MARKET UPDATETODAY, WE ARE SEEING SOME MINOR CONSOLIDATION IN THE CRYPTO MARKET COINCIDING WITH THE SLIGHT BOUNCE IN THE RATES AND DXY 0.00% . BTC -0.33% is trading just north of $65k, while ETHBTC continues to struggle, with ETH -1.52% moving lower for the 5th consecutive day and still trading below the $3k mark. Despite the market consolidation, SOLBTC is still green on the day as SOL -2.07% works to regain the $160 level....

BTC -0.33% CORE 0.00% ETH -1.52% ETHBTC QQQ -0.07% SOL -2.07% SOLBTC SPX ZBC 0.41%
Jievani Weerasinghe Ix9KDnqJNjA Unsplash

MARKET COMMENTARYINVESTORS WELCOMED THIS MORNING’S SLIGHTLY SOFTER THAN EXPECTED CPI DATA AND A LARGE DOWNSIDE MISS ON U.S. RETAIL SALES, ALLEVIATING INFLATION CONCERNS AND HELPING TO PROPEL STOCK INDICES TO NEW INTRADAY ALL-TIME HIGHS. The SPY 0.14%  and QQQ -0.07%  have gained over 1% to surpass $528 and $451, respectively, while US treasury rates have turned significantly lower, with the US10Y dropping below 4.34%. Crypto is responding in similar fashion with BTC -0.33% ...

BTC -0.33% ETH -1.52% FET -3.42% OCEAN -2.82% QQQ -0.07% SOL -2.07% SPY +0.14% TAO -1.69%
Executium 7cmA9ZL5dDk Unsplash

CRYPTO MARKET COMMENTARYAPRIL PPI CAME IN MIXED THIS MORNING, WITH A LARGE UPSIDE SURPRISE IN MOM READINGS (0.5% VS. 0.3% EXP.) AND YOY METRICS LARGELY IN LINE WITH EXPECTATIONS. The upside in the MoM reading was offset by March figures being revised downwards. Yields initially spiked upon the data release but have turned negative across the curve. Equities are showing mild gains as attention shifts towards tomorrow’s CPI data release. The SPY 0.14%  has gained 0.17% and the QQQ -0.07%  has gained 0.31%. Crypto assets are...

BTC -0.33% ETH -1.52% GBTC +2.72% IBIT QQQ -0.07% SPY +0.14%
New bitcoin futures ETF could trigger rally to $168,000, analyst asserts

CRYPTO MARKET COMMENTARYBITCOIN REBOUNDED OVER THE WEEKEND, WITH PRICES FULLY RECOVERING FROM FRIDAY'S DRAWDOWN BY MONDAY MORNINg. BTC -0.33% is now trading just below $63k. Meanwhile, both ETH -1.52% and SOL -2.07% have lagged, trading at $3950 and $146, respectively. Altcoin flows seem to have shifted towards memecoins, which are outpacing the rest of the market today, with gains exceeding 5% from BONK 10.61% , DOGE -12.24% , and PEPE. This interest in memecoins likely stems from...

BONK 10.61% BTC -0.33% CLSK DOGE -12.24% DXY 0.00% ETH -1.52% GME 23.50% GME -20.13% MARA -0.66% PEPE 2.13% QQQ -0.07% SAFE 0.00% SOL -2.07% SPX

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In