Bitcoin Revives As Mining Difficulty Drops, Robinhood Getting Rich Off Doge

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Last Updated on 4 July 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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As we’ve stated earlier this week, the crackdown of China on Bitcoin miners also means that fees would drop as well. If all bodes well, this could then mean higher prices. Some in the market seem to guess we were right, as yesterday saw Bitcoin (and most other crypto coins) climb to higher levels. When we have a look at CoinMarketCap today, we can see that this morning, all major crypto coins are showing a healthy green color as well.

Charlie Morris, CIO of ByteTree Asset Management, explained how the drop in mining difficulty accounted for a higher Bitcoin price.

He stated:

Nice Bitcoin price move as the downward difficulty adjustment passes as expected this morning. Fees already $6 over the past hour compared to $10 yesterday. Hopefully transactions can now start to pick up. They need to.

Advertentie.

Robinhood files for IPO

Although not technically a so-called crypto-stock (which Wall Street considers Coinbase and MicroStrategy to be), trading app Robinhood’s upcoming IPO will also make waves in the world of crypto.

That is because the app which got into a rough patch with Reddit’s WallStreetBets forum earlier this year, revealed that it made no less than 34% of its cryptocurrency trading revenue, and some 6% of its total revenue, on Dogecoin trades.

In all, some 9.5 million Robinhood customers traded crypto in Q1. Coinbase is watching those numbers with envy.

In the words of the famous Shiba Inu memecoin, Much Wow we would say, but that explains of course the long lasting rumor that the biggest whale HODLer of Doge is in fact Robinhood.

Violka08 / Depositphotos.com