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Crypto Trading on Robinhood is on the Rise

Crypto Trading on Robinhood is on the Rise
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Crypto trading on Robinhood boomed in the first quarter of 2021. 9.5 million customers traded crypto on the platform in just 3 months.

The numbers show a whopping addition of 7.8 million customers on the platform since the last quarter of 2020. Robinhood launched the crypto services back in January 2018. It allows commission-free trading of popular cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin SV (BSV) Dogecoin (DOGE), Ethereum Classic (ETC), and multiple others.

Robinhood is very famous among young and inexperienced investors. User can trade stocks, digital assets, and other funds on the Robinhood mobile app.

The company faced backlash during Gamestop Saga, when it suspended the trading of $GME, a move that helped short sellers. However, Robinhood has moved beyond that by now. In February, the company announced the plan to offer crypto deposit and withdrawal services.

Crypto Trading On Robinhood Spikes With the Rise of Crypto

Crypto trading on Robinhood has jumped in line with the overall rise of the crypto market. The collective value of the crypto market reached $2 trillion in April 2021. Altcoins are responsible for 45% of this value.

The mainstreaming of crypto and growing interest of the corporate sector in digital assets is bringing a surge in the value of cryptocurrencies. The announcement of Tesla’s $1.5 billion investment in bitcoin took the price of BTC to $50K in a day. Moreover, companies like Microstrategy are incessantly buying additional bitcoin.

It is not just Robinhood. Almost all crypto trading platform saw a spike in trading activity since the start of 2021. The number of active users on Coinbase, a US-based cryptocurrency exchange, grew by 117% in the first quarter of 2021.

The crypto bulls are on. There are dull days back and forth. However, the overall crypto market is booming with rising prices and institutional support.

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