• Robinhood’s cryptocurrency trading volume surged to $3.7 billion in January 2023, a 95% increase compared to December 2022.
• The improved market conditions seem to have benefited the California-based investing platform – Robinhood.
• Robinhood’s shares rose around 6% following the announcement and currently trade at approximately $10.60.
Robinhood Crypto Trading Volume Skyrockets
Robinhood’s crypto trading volume hit $3.7 billion last month, a 95% increase compared to December 2022. Daily average revenue trades (DARTs) involving digital currencies also climbed from 200,000 (December 2022) to 300,000 (January 2023). As a result of this surge in activity, the company’s shares rose around 6%, now trading at approximately $10.60.
Impact of Market Conditions
The cryptocurrency market made an impressive comeback during the first month of 2023 with Bitcoin increasing 40% from its price on New Year’s Eve ($16,500) to almost $23,000 30 days later. This improvement in market conditions seemed to have benefited Robinhood as its crypto trading volume was able to reach new heights in January 2021 despite the bearish conditions of last year which took its toll on the firm’s crypto revenue and caused it to dismiss nearly a third of its total headcount.
Comparison with Previous Year
Though January 2021 saw an impressive jump in Robinhood’s crypto trading volume when compared with December 2022, it still falls short of that seen in January 2020 where it reached $9.1 billion with 400,000 DARTs recorded for digital currencies alone.
Other Developments for Robinhood
In addition to this news regarding their crypto trading volume growth, Robinhood has also recently added support for Dogecoin as well as introduced interest accounts with up to 5% APY on cash held by customers on their platform starting March 1st 2021 – allowing them an additional way other than buying cryptos or stocks where they can generate passive income while keeping their funds safe and secure within their account balance limits..
Overall it seems that despite the tumultuous events of last year which led them down a difficult path financially and otherwise – Robinhood is back on track and ready for another successful year ahead! With more features being added every month as well as increased customer confidence due to better security measures implemented by the company – we are sure that many will continue investing through them going forward into 2021!