Investors' skepticism outshines Robinhood wallet’s addition of BTC and DOGE

Robinhood made headlines when it first joined the crypto space and has since been attempting to establish itself. Working together successfully is not easy, and in order to reach the hearts of investors, the company needs to do a little more. The addition of Bitcoin and Dogecoin network support aids this cause.

Robinhood expands to major assets

Robinhood recently announced that the self-custody wallet enables the buying, selling and transfer of crypto assets would start using the Bitcoin and Dogecoin networks. The wallet was first introduced back in September 2022; about a year ago, it only used Polygon as its first blockchain. This extended to Arbitrum and Optimism, and this week expanded to Bitcoin and Dogecoin.

Interestingly, the bullish news failed to trigger a spike in the price performance of both Bitcoin and Dogecoin. Add the news about jump crypto here. Users suspect that lack of win is technically a win, not a swap, without holding ether (ETH) as network fees. But they did gain access to actively working to broaden access to other low-cost, fast and secure [Layer-2] chains that users have asked for.

Bitcoin price remains still

BTC and DOGE noted no major change despite the development, although some minor drawdown was noticed in the past 24 hours. Falling by a little over 1.5%, Bitcoin price is currently trading at $27,300. The minute decline came less than a day after noting a 6.22% increase, which suggested that the market is cooling down.

Nevertheless, the Relative Strength Index (RSI) suggests that the potential of a reversal is likely. The purple indicator is currently testing the neutral line at 50.0 as a support floor. Success in doing so would suggest that the bearish sentiment is fading away, giving room for bullish pressure to take over the asset.

BTC/USD 1-day chart

Dogecoin price observed little change, too, as the meme coin leader could be seen trading at $0.065. 

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