{"id":66272,"date":"2023-12-05T05:45:08","date_gmt":"2023-12-05T09:45:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66272"},"modified":"2023-12-05T05:45:11","modified_gmt":"2023-12-05T09:45:11","slug":"robinhood-crypto-trading-volume-increases-75-in-november","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/robinhood-crypto-trading-volume-increases-75-in-november\/","title":{"rendered":"Robinhood Crypto Trading Volume Increases 75% in November"},"content":{"rendered":"\n

In November, the volume of digital assets and crypto trading<\/a> on the Robinhood trading platform increased by 75% annually as opposed to levels in October 2023.<\/p>\n\n\n\n

\"Robinhood
Robinhood Crypto Trading Volume Increases 75% in November<\/figcaption><\/figure>\n\n\n\n

Robinhood disclosed on December 4 in a Form 8-K filing with the United States Securities and Exchange Commission (SEC) that “November Crypto Notional Trading Volumes were approximately 75% higher than October 2023 levels.”<\/p>\n\n\n\n

However, this did not materialize into volumes of trading in options and equity contracts<\/a>, which were essentially unchanged from October.<\/p>\n\n\n\n

The prosperous month represents a reversal for Robinhood, whose Q3 results filing disclosed a 55% decline in notional volumes of cryptocurrencies compared to the same period last year.<\/p>\n\n\n\n

Consequently, the company's revenue for the third quarter was $467 million, which was lower than what analysts had anticipated. The primary contributor to the 11% year-on-year decline in transaction-based revenues to $185 million in 2022 was the decline in cryptocurrency volumes.<\/p>\n\n\n\n

\"\"
Robinhood\u2019s 8-K report showing preliminary operating data for November 2023. Source: SEC<\/figcaption><\/figure>\n\n\n\n

Robinhood may be anticipating a more lucrative fourth quarter, considering the recent surge in the cryptocurrency market capitalization, which has increased by 40% to $1.6 trillion in the last two months.<\/p>\n\n\n\n

During an earnings call with investors in November, Vlad Tenev, co-founder and CEO of Robinhood\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, projected that the platform's annual revenue could reach “nine figures” at some point.<\/p>\n\n\n\n

Tenev stated in an interview with Yahoo Finance on December 4 that retail investors were regaining interest in cryptocurrencies.<\/p>\n\n\n\n

\n

\u201cYou\u2019re starting to see retail investors wake up to certain segments of the rally, and in crypto activity, you\u2019re seeing a groundswell.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

“As we have seen in the past, media coverage and intensity tend to increase as the price of Bitcoin approaches all-time highs,” he said, adding, “I believe that also plays a role.”<\/p>\n\n\n\n

The share price of Robinhood has increased by 18% since the start of 2023. However, the company's stock has declined since mid-July, after its peak of slightly more than $13 in 2023. When writing, Robinhood stock was trading at $9.95 in after-hours trading, gaining 2.5% daily.<\/p>\n\n\n\n

Robinhood anticipates commencing futures trading<\/a> in United Kingdom markets in 2024, contingent upon regulatory approval and its planned introduction of equities.<\/p>\n\n\n\n

It was reported in August that Robinhood had amassed 118,000 BTC, valued at approximately $3 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

In November, the volume of digital assets and crypto trading on the Robinhood trading platform increased by 75% annually as opposed to levels in October 2023. Robinhood disclosed on December 4 in a Form 8-K filing with the United States Securities and Exchange Commission (SEC) that “November Crypto Notional Trading Volumes were approximately 75% higher […]<\/p>\n","protected":false},"author":12,"featured_media":10694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7231,135,1223],"class_list":["post-66272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-sec-3","tag-crypto-trading","tag-robinhood"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Robinhood-sets-to-test-its-crypto-wallet-feature-on-the-app-starting-October-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66272"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10694"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}