Robinhood says crypto trading surged 75% in November from previous month

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The Block2023/12/04 23:42

By:The Block

Quick Take Robinhood said Monday that November Crypto Notional Trading Volumes were about 75% above October 2023 levels.

Robinhood says crypto trading surged 75% in November from previous month image 0

Robinhood said Monday in a filing with the Securities and Exchange Commission that crypto trading on the platform surged last month amid an ongoing rally.

"November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels," it wrote in an 8-K update , adding that it would release full operating data for the month in the coming weeks.

The news could mark a reversal for the company, which has lately seen revenue from crypto trading decline. In the third quarter, transaction-based revenues from cryptocurrencies decreased 55% to $23 million. It also saw decreases in the second quarter .

The company said last month that it planned to start offering crypto trading in the EU following its UK launch.

Bitcoin's surge

Bitcoin BTC +4.98% 's price has surged 20.6% over the past month amid optimism that a spot bitcoin ETF could soon be approved by the SEC. It's up 145% over the past year.

The world's largest cryptocurrency by market capitalization was up 5.4% on Monday, rising to $42,006 at 5:08 p.m. ET.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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