Robinhood announced on Thursday that it's launching Bitcoin and cryptocurrency trading in the European Union. HOOD stock broke out.
The Robinhood Crypto app will allow customers to buy and sell more than 25 digital tokens at a low cost, including Bitcoin, ether and ripple, the online brokerage said.
Customers also will get a percentage of their trading volume back every month, paid in Bitcoin, a Robinhood blog post said. Certain conditions apply.
Europe is on track to become a major global crypto hub, according to CoinDesk.
Robinhood has said that it will launch stock trading in the U.K. by early 2024.
HOOD Stock Fueled By Bitcoin, Crypto Surge
Shares of Robinhood rose 1.9% to 11.48 on the stock market today. HOOD stock cleared an 11.37 buy point from a deep, double-bottom base, after flirting with that entry on Wednesday.
HOOD stock has already had a huge week, up more than 23% so far in big volume, reflecting a huge ongoing run for Bitcoin and other crypto currencies.
The surge helped Robinhood regain the 200-day moving average and hit the best level since August, the MarketSmith chart shows.
While in buy range, Robinhood stock is nearly 20% above its 200-day line, and even further extended from its 50-day line.
Cathie Wood Owns Robinhood Stock, Coinbase
On Monday, preliminary results from the company showed that Robinhood Crypto trading volumes were up about 75% in November from the October level.
Cryptocurrencies rallied last month. Bitcoin jumped about 8% in November.
This week, news that Cathie Wood of ARK Invest sold Coinbase while adding more Robinhood stock also fueled the online broker's shares.
HOOD stock has surged more than 30% already in December. It remains far below all-time highs of 85 set in August 2021, shortly after coming public.
