Kingdom

United

Bitcoin

<p class="p1" style="text-align: justify">Trade platform Robinhood, known for being crypto-friendly, has reported a 75% increase in crypto trading volume in November compared to October. The company revealed this development in a Form 8-K filing with the US Securities and Exchange Commission (<a href="https://en.coin-turk.com/wyre-shuts-down-due-to-bear-market-pressures/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>) on December 4, stating that crypto trading volumes in November were over 75% higher than in October.</p>
<h2 class="p1" style="text-align: justify" id="investor-interest-in-the-crypto-market-continues">Investor Interest in the Crypto Market Continues</h2>
<p class="p1" style="text-align: justify">This development in Robinhood did not reflect in stock and options contract trading volumes, which remained mostly flat compared to October. Users point out that this is a reversal for Robinhood, which revealed a 55% decrease in nominal crypto market volumes in its Q3 results file, indicating a reversal in user-specific terms.</p>
<p class="p1" style="text-align: justify">As a result, Robinhood’s Q3 revenue fell below analyst estimates, reaching $467 million. Transaction-based revenues decreased by 11% on an annual basis to $185 million primarily due to a decrease in crypto market volumes in 2022.</p>
<p class="p1" style="text-align: justify"><img decoding="async" class="aligncenter wp-image-284895 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/robinhood-rapor.jpg" alt="" width="931" height="330"></p>
<p class="p1" style="text-align: justify">Robinhood may be aiming to have a more profitable fourth quarter in light of the recent crypto market rally, which saw a 40% increase in total volume to $1.6 trillion in the past two months. Robinhood’s co-founder and CEO Vlad Tenev emphasized in an earnings report presented in November that the platform could achieve nine-digit annual revenues. Tenev stated in an interview with Yahoo Finance on December 4 that individual <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> are starting to show renewed interest in the crypto market:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“You are starting to see individual investors wake up to certain parts of the rally and you are seeing a breakthrough in crypto activities. As we have seen in the past, as the price of <a href="https://en.coin-turk.com/new-2023-record-for-bitcoin-as-optimism-fuels-price-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> approaches all-time highs, media coverage and intensity increase. I think that plays a role.”</p>
</blockquote>
<h2 class="p1" style="text-align: justify" id="robinhood-stock-experiences-a-declining-trend">Robinhood Stock Experiences a Declining Trend</h2>
<p class="p1" style="text-align: justify">Robinhood stock prices have seen an 18% increase since the beginning of 2023. However, after surpassing $13, the highest level in 2023, the company’s shares have been on a declining trend since mid-July. As of the time of writing, Robinhood shares are trading at $9.95 in after-hours trading after gaining 2.5% in the past 24 hours.</p>
<p class="p1" style="text-align: justify">In addition to launching stocks in the United Kingdom markets, Robinhood plans to introduce futures trading services pending regulatory approval in 2024. In August, Robinhood drew attention by announcing its ownership of 118,000 Bitcoins worth $3 billion.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/robinhood-reports-75-increase-in-crypto-trading-volume-in-november/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/robinhood-reports-75-increase-in-crypto-trading-volume-in-november/</a>

Robinhood Reports 75% Increase in Crypto Trading Volume in November

Table of Contents

COINTURK NEWS

Other articles published on Dec 5, 2023

Microsoft’s Billions and OpenAI’s Pivot – The Unsettling Truth About AI’s Future

Italy and South Korea central banks reach agreement on CBDC collaboration

Okcash: A Multichain, Open-source, and Eco-friendly Decentralized Peer-to-Peer Electronic Cash

How is Rayn Revolutionizing Financial Management?

Bitcoin’s rally causes a split in trader behavior

Lugano City Allows Crypto Payments for Municipal Services and Taxes

Join our free newsletter for daily crypto updates!