Robin Hood (HOOD) announced on Thursday that it will begin trading Bitcoin and other cryptocurrencies in the European Union, sending HOOD shares soaring.
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Online brokerage Robinhood says its Robinhood Crypto app will allow customers to buy and sell more than 25 digital tokens, including Bitcoin, Ether and Ripple, at low cost.
According to a Robinhood blog post, customers will be able to receive a percentage of their trading volume in Bitcoin each month, subject to certain conditions.
According to CoinDesk, Europe is on track to become a major cryptocurrency hub in the world.
Robinhood has announced that it will begin stock trading in the UK by early 2024.
HOOD stocks rise as Bitcoin, cryptocurrency surge
Robinhood shares rose 1.9% to 11.48 on the stock market today. HOOD shares broke out of a deep double bottom base and above a buy point of 11.37 after approaching that entry on Wednesday.
HOOD shares have already seen big gains this week, soaring more than 23% so far this year, mirroring the surge in Bitcoin and other cryptocurrencies.
The surge saw Robinhood reclaim its 200-day moving average, according to MarketSmith charts, to reach its highest level since August.
Within the buying range, Robinhood shares are trading nearly 20% above their 200-day moving average and even higher than their 50-day moving average.
Cathie Wood owns shares in Robinhood and Coinbase.
Robinhood Crypto trading volume increased by about 75% in November compared to October, according to preliminary results released by the company on Monday.
Cryptocurrencies have surged in the past month, with Bitcoin up about 8% in November.
This week, news broke that ARK Invest's Cathie Wood had sold Coinbase (COIN) Additional purchases of Robinhood shares also boosted the online broker's stock price.
Hood shares have already surged more than 30% in December, but are still well below the all-time high of $85 they hit in August 2021, shortly after they went public.
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