Cryptocurrency trading volumes on Robinhood experienced a considerable boost in November by around 75% above the levels taped in October, based upon early outcomes divulged by the business.
Equity trading volumes and choices agreements traded in November stayed fairly constant, lining up with the levels observed in October, according to a Form 8-K filing sent to the United States Securities and Exchange Commission (SEC) on December 4.
Robinhood Reverses Earlier Declines
The rise in crypto trading volumes represents a turnaround for Robinhood, which had actually reported a 55% decrease in cryptocurrency notional volumes for many years in its Q3 results filing.
The increase in crypto trading activities might add to a more rewarding 4th quarter for Robinhood. The current rally in the crypto market, where overall capitalization has actually risen by 40% to $1.6 trillion over the previous 2 months, might favorably affect Robinhood’s monetary efficiency.
Robinhood’s Q3 earnings had actually fallen listed below expert price quotes, totaling up to $467 million, with transaction-based profits decreasing by 11% year-on-year to $185 million, mainly credited to the decline in crypto volumes throughout 2022.
Vlad Tenev, co-founder and CEO of Robinhood, revealed optimism throughout a November profits call,
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