Latest News

Robinhood Share Price Records 70% Decline From It’s August High

Robinhood continues struggling with its declining share price. Also, stepping up its cryptocurrency offerings could help boost the company’s outlook.

Furthermore, Robinhood is a financial services company, acting as a retail trading platform for simple users. More so, It’s popular for meme stocks and currently offers seven cryptocurrencies for trading.

Additionally, after Aug. 4, Robinhood (HOOD) is seeing 70% decline from its ATH of $70.39 to $25.94. Currently, it’s been below the $38 IPO price for weeks. Also, Some of the factors affecting this decline is from a drop in crypto and meme stocks day trading. Of course, as the pandemic era is approaching the end and people now return to their offices.

More so, Robinhood witnesses massive profits in Q2 2021 when Dogecoin (DOGE) trading accounts for 41% of Robinhood’s total revenue. Also, 62% of the $233 million from cryptocurrency trading.

However, cryptocurrency trading declines 79% in Q3 and only accounts for 19% of its total revenue.

Additionally, Chris MacDonald, a contributor to TipRanks thinks that cryptocurrency is the key to Robinhood’s long term success.

“Robinhood appears to continue to ramp up its efforts to become the most-utilized exchange…”
“out there. Those who think crypto is real and here for the…”
“long haul may want to take a close look at this company right now.”

There is also a big demand for Robinhood to launch its wallet feature, which currently has over 1.6 million users on the waitlist. That’s about 7% of its total user base as of the end of Q3 2021. While some are planning to trade more with the wallet others may simply want to withdraw their existing tokens from Robinhood’s platform.

Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.