Robinhood’s Crypto Trading Skyrockets in November
In a recent Securities and Exchange Commission filing, Robinhood reported a substantial increase in crypto trading activity last month, coinciding with a continuous market uptrend.
According to their 8-K update, “Notional Trading Volumes for November Crypto were approximately 75% higher compared to October 2023.” They indicated a forthcoming comprehensive release of operational data for that month.
This development signals a potential turnaround for Robinhood, countering a recent trend of declining revenue from crypto trading. Their transaction-based revenues from cryptocurrencies dropped by 55% to $23 million in the third quarter, with similar decreases observed in the second quarter.
Robinhood announced plans to expand its crypto trading services to the EU subsequent to its successful launch in the UK.
READ MORE: Traditional Finance Meets Crypto: Raoul Pal’s Bullish Forecast
The price of Bitcoin has seen a notable surge of 20.6% in the last month, buoyed by optimism surrounding the potential approval of a spot Bitcoin ETF by the SEC. Its value has soared by an impressive 145% over the past year.
On Monday, the world’s largest cryptocurrency, Bitcoin, experienced a 5.4% increase, reaching $42,006 at 5:08 p.m. ET.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
