robin hood (hood) announced Thursday that it will begin trading Bitcoin and cryptocurrencies in the European Union. HOOD stock has broken out.
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The Robinhood Crypto app will allow customers to buy and sell more than 25 types of digital tokens, including Bitcoin, Ether and Ripple, at low costs, according to the online brokerage.
According to a Robinhood blog post, customers will be refunded a portion of their trading volume each month in Bitcoin. Certain conditions apply.
According to CoinDesk, Europe is on track to become a major global cryptocurrency hub.
Robinhood has announced that it will begin trading stocks in the UK by early 2024.
HOOD stock is supported by a surge in Bitcoin and cryptocurrencies
Robinhood’s stock price rose 1.9% to 11.48 on the stock market today. HOOD stock cleared its 11.37 buy point from a deep double bottom base after trading on its entry on Wednesday.
HOOD stock has already had a big week, rising significantly by more than 23% so far, reflecting continued strong gains in Bitcoin and other cryptocurrencies.
The surge helped Robinhood regain its 200-day moving average, hitting its highest level since August, according to MarketSmith charts.
Robinhood stock is in buy range, but it’s still nearly 20% above its 200-day line and further up from its 50-day line.
Cathie Wood owns Robinhood stock on Coinbase
Preliminary results released by the company on Monday showed that Robinhood cryptocurrency trading volume increased by about 75% in November from October levels.
Cryptocurrencies rose last month. Bitcoin rose about 8% in November.
News this week that ARK Invest’s Cathie Wood has sold coinbase (coin) Adding more Robinhood stock, the online brokerage’s stock price also rose.
HOOD stock has already risen more than 30% since the beginning of December. This is still well below the all-time high of 85, which was set in August 2021 immediately after the stock was listed.
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