Markets
Robinhood Cryptocurrency Trading Volume Plunged 57% in April – Robinhood Markets (NASDAQ:HOOD)
May 16, 2024 1:52 pm | 2 minute read
Robinhood Markets Inc. (NASDAQ:HOOD) reported a significant decline in cryptocurrency trading volumes for April, reflecting a bigger picture cooling of retail investors interest in digital resources.
What’s next: The trading platform revealed in an operating report on Wednesday that its notional cryptocurrency trading volumes fell to $10.1 billion in April, a steep 57% decline from $23.6 billion in March , Bloomberg reported.
Despite this sharp decline, the numbers are still up 173% compared to the same period last year.
The company’s average daily transaction revenue (DART), which indicates the number of transactions per day that generated commissions, also saw a notable decline.
DARTs fell 43% to around 400,000 trades, although this was still double the amount recorded in April 2023. Robinhood has yet to comment on these recent figures.
The decline in trading volumes on Robinhood was more pronounced than that seen on other cryptocurrency exchanges.
Because matter: According to data from researcher CCData, spot trading volumes on centralized exchanges such as Coinbase (NASDAQ:CURRENCY), BinanceAND Kraken in April it fell 32.6% to $2 trillion.
This marked the first decline in seven months, attributed to a resulting decline in investor demand Bitcoin‘s (CRYPTO: Bitcoin) has retreated from its record high in March.
The recent decline in cryptocurrency trading volumes highlights the volatility and changing dynamics within the digital asset market. As retail investor enthusiasm wanes, platforms like Robinhood are experiencing more significant impacts than their larger counterparts.
What’s next: This shift in trading activity and its implications for the digital asset market will be a key topic of Benzinga’s Future of Digital Assets event on November 19.
The event will explore the evolving landscape of digital assets, offering insights into investor behavior, regulatory challenges and more future trajectory of cryptocurrencies.
Read next: Cryptocurrency traders are as socially valuable as escorts to Brits, according to a study
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