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Robinhood Cuts Nearly a Quarter of Staff

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Today’s Cryptocurrency Headline

Vlad Tenev, CEO of stock and cryptocurrency trading platform Robinhood, announced that the company is reducing about 23% of its headcount. While employees from all functions will be impacted, the changes are particularly concentrated in the operations, marketing, and program management functions. “We have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody,” said Mr Tenev. In April, the firm slashed 9% of its workforce.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Non-fungible token (NFT) sales in July on secondary markets fell 25% from June to US$650 million, the second month in a row under US$1 billion, according to data from NFT aggregation site CryptoSlam. Bitcoin is up 1.64% over the last 24 hours and rose to an intraday high of $23,650.00. Bitcoin bounced off from the 20-day exponential moving average (EMA) ($22,582) today, suggesting the 20-day EMA is acting as strong support. The bulls will attempt to push the price above the overhead resistance at $24,668. If they succeed, the BTC/USDT pair could pick up momentum and rally to $28,000. However, if the bulls cannot hold the price above the 20-day EMA, the bears will attempt to pull the pair below the 50-day simple moving average (SMA) ($21,292).

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