Monat: April 2022

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Robinhood cuts its full-time staff by 9%, shares fall sharply

Robinhood CEO Vlad Tenev said in a blog post on Tuesday that the “duplicate roles and job functions” were among the reasons the company decided to release the employees.

Robinhood has announced that 9% of its full-time staff have been let go amid the need to downsize after a rapid expansion over the past couple of years.

The trading app, founded in 2013, says its employee count grew exponentially through 2020 and the first half of 2021. As customer demand increased due to the pandemic lockdowns, fiscal stimulus and low interest rates, the firm’s full-time staff jumped from 700 to 3,800.

Duplicate roles was a factor

Vlad Tenev, the firm’s CEO, said in a blog post on Tuesday that rapid growth had inevitably led to “duplicate roles and job functions, and more layers and complexity than are optimal.”

It’s these factors that the company considered as they made the difficult decision to let go of the employees, he added.

“We determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.”

Robinhood keen on delivering on strategic goals

According to the CEO, the layoffs are a “deliberate step” towards ensuring the company continues to deliver on its strategic goals. It’s also intended to see it further its objectives in democratizing finance.

“We will continue to accelerate our product momentum through 2022 and will introduce key new products across Brokerage, Crypto, and Spending/Saving,” he wrote.

During the last two years, Robinhood has grown its net user accounts from 5 million to 22 million. Revenue also increased from approximately $278 million in 2019 to more than $1.8 billion in 2021. GameStop and Dogecoin have been among the top two most traded assets on the trading app.

The company, which went public last year, reportedly has over $6 billion in cash on its balance. The US-based firm will release its Q1 earnings results on Thursday.

Robinhood shares fell sharply following the announcement, with the company’s stock losing 3.75% by market’s close.

The post Robinhood cuts its full-time staff by 9%, shares fall sharply appeared first on Coin Journal.

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Best cryptocurrencies with a market cap of above $500 million

Market cap is one of the most important metrics to watch when deciding which crypto assets to buy. Typically, investors prefer coins with a lower market cap since there is potential for growth. But sometimes, it may help to choose coins with a mid-range market cap. Here is why:

  • Mid-range cap coins are often tried and tested in the market

  • A market cap of above $500 million may also suggest the project is legit

  • There is still a lot of growth potential with a mid-range market cap too.

Well, if you are hunting for coins with a mid-range market cap, we have a top 3 list below that should interest you:

1 Inch Network (1INCH)

The 1inch Network (1INCH) is an innovative decentralized ecosystem that was built to power the DeFi revolution. The project is designed to aggregate liquidity across a wide range of DEXs. This gives users the chance to trade various crypto assets with very minimal slippage. 

Data Source: Tradingview 

1Inch also offers cross-chain liquidity aggregation, making it one of the most powerful DEX protocols in the world. It is a legitimate project with a proven track record in the market already.

Yearn Finance (YFI)

Yearn Finance (YFI) is a yield farming protocol that also doubles up as a DEX aggregator as well. It is one of the most recognizable projects in DeFi. Ever since its launch, Yearn Finance has attracted massive investments in its ecosystem. We have also seen the launch of brand-new innovative products on the network over the past few months.

Synthetix (SNX)

Synthetix (SNX) is a trading protocol that allows investors to trade several cryptos and non-crypto assets using blockchain technology. The goal of the platform is to offer users a series of highly liquid tradable assets across the entire financial landscape. The project was founded in 2017 and continues to grow steadily even today.

The post Best cryptocurrencies with a market cap of above $500 million appeared first on Coin Journal.

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Dip buying whales push Bitcoin (BTC) above $40,000 once again

After facing strong downward pressure over the last weekend, Bitcoin (BTC) has rebounded. The mega-cap coin has in fact reclaimed $40,000 and is looking to consolidate further in the coming days. Here are the key facts to note:

  • The recent upswing is largely fueled by dip-buying BTC whales

  • $38,000 has proved to be a popular dip price for large wallets.

  • BTC is likely to maintain an upward trajectory and test $45,000.

Data Source: Tradingview 

Bitcoin (BTC) – Price Analysis and prediction

For the best part of 2022, Bitcoin has been trading at a very stable range. After bottoming at around $32,000 in February, BTC has rebounded and is now sitting slightly above $40,000. The downside risk also appears to be capped at $35,000. In fact, for the last two months or so, the coin has not fallen below that price. 

This is probably because of the dip-buying Bitcoin whales who have been scooping up the coin at around $38,000. In fact, every time Bitcoin has dropped below $40,000, we have seen it bounce back almost immediately. 

At the moment, the coin will try and consolidate gains above $40,000. After that, it will retest at $45,000. Whether Bitcoin bulls can create enough momentum to surge past $45,000 remains to be seen. But so far, the coin has struggled to clear its 200-day SMA of around $49,000. We don’t expect this to change and as such, upward potential right now is capped at $49,000.

Should you follow Bitcoin Whales?

It’s always a good idea to follow large wallets when making investments in crypto. Besides, BTC whales appear to be getting it right. 

The $38,000 whale entry price has gone on to deliver superb returns in the last few weeks and as such, it would make sense for any investor to follow whale money when trading this coin.

The post Dip buying whales push Bitcoin (BTC) above $40,000 once again appeared first on Coin Journal.