(HUD) stock drop, Will robinhood crypto wallet let me day trade crypto?


Robinhood Financial officially rolled out its cryptocurrency wallet on Thursday, giving access to more than 2 million customers that were on a waiting list. Goldman and other financial institutions don’t like this move free fee crypto trading with a wallet! Plus integration of the lightning network

I think it has nothing to do with banks not liking this fee free crypto wallet. It is more like now ppl who got into crypto with RH can move to other platforms and RH can bleed in terms of customers especially that “doge” retail holders on customers. That’s just me though.

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Is It Possible to Day Trade Crypto on Robinhood?

Robinhood is an online brokerage with no fees. A broker is a company that handles financial transactions on behalf of its clients. 

Robinhood started as a stockbroker. Stockbrokers buy and sell shares on behalf of their clients, who are private individuals. Stockbrokers have been around since stock exchanges have been around. Stockbrokers used to charge a fee called a commission per transaction, meaning that only the wealthy could afford this service. 

In recent years, a new type of brokerage has emerged: commission-free brokerage. Commission-free brokerages profit from trades made by their clients without charging any direct costs. This allows consumers to buy shares without paying a fee, making them more accessible to a larger group of people.

As cryptocurrencies have grown in popularity, more people are attempting to profit from their volatility through day trading. However, trading cryptocurrency directly, like trading stocks and other securities, is extremely complicated. Juggling crypto wallets on several blockchains is too complicated for many people. They like to trade all of their cryptocurrency through a single, straightforward app.

Centralized cryptocurrency exchanges, such as Coinbase, already provide this feature, but do not allow for the trading of stocks and other financial instruments.

Day trading crypto on Robinhood is just as simple as day trading stocks, ETFs, and options. The only distinction is that bitcoin does not have trading hours. There are no trading hours on Robinhood, so you can trade cryptocurrency at any time of day or night.

Why CRYPTO Wallets Won't Save ROBINHOOD'S (HOOD) Falling Stocks

Key points:

  • HOOD stock trades down 5.7% on downgrade from Goldman Sachs
  • The rollout of crypto wallets might have limited effect on clawing back revenue and user growth
  • Goldman Sachs analyst Will Nance cites a “limited path to near term profitability”

Robinhood (NASDAQ: HOOD) hasn’t had quite the market debut it wished for. Since the company's IPO, the stock has lost over 65% of its value; the company has simply misjudged its share of the trading market, revenue avenues, and consumer satisfaction. The hype that led up to Robinhood’s public listing was short-lived and quickly gave way to worries surrounding revenue growth and slowing client additions. 

The company had a net loss of $423M on revenue of $362M in Q421, with investors looking dubiously at an 8% drop in active users from Q3. Management’s outlook wasn’t much better, stating that March revenue would likely fall below $340M due to lower equity and cryptocurrency trading volumes. 

Despite plans to aid revenue growth by extending its trading day from 7:00 am Eastern to 8:00 am Eastern, supported by further plans to introduce 24-hour trading. However, the question remains as to how much this will ease stronger headwinds. Today, the company has announced the rollout of its Crypto Wallets for everyone eligible on the WenWallets waitlist; unveiling wide access to a larger number of cryptocurrencies.

Goldman Sachs analyst Will Nance doesn’t see the promise in Robinhood’s current trajectory, degrading the stock to Sell from Neutral. The analyst points to waning engagement from retail traders, weakness in account growth, and what he calls “a limited path to near term profitability”. Recent data shows a clear downtrend in app downloads, suggesting a daunting growth trend. Acceleration of user growth is a critical metric for investors, and the company’s new Crypto Wallets might have a limited effect on welcoming the number of new users required. HOOD stock currently trades at a daily loss of 5.7%.

Due to "extraordinary market conditions," Robinhood has restricted cryptocurrency trading.

Is crypto restricted on Robinhood?,Customers slammed the investing platform on Thursday after it barred them from purchasing GameStop and other stocks popular with individual traders. Due to a surge of investors motivated by the Reddit board WallStreetBets, such stocks experienced extraordinarily violent price movements this week.

Robinhood's decision to limit crypto trading comes after dogecoin, a digital coin based on the popular "doge" meme, surged up to 800% on Friday. The cryptocurrency began as a joke, but it has since gained traction.

Meanwhile, bitcoin surged Friday after Tesla CEO Elon Musk altered his Twitter bio to #bitcoin. In a cryptic tweet, the billionaire stated, "In retrospect, it was inevitable."

Robinhood Crypto Wallet Seeks to Bolster HOOD Stock

HOOD stock has struggled since its initial public offering (IPO). HOOD has been going downhill for the most of its tenure as a publicly traded stock. Today's news, however, intends to change that, as the Robinhood crypto wallet is now available to over two million users.

Investors have been waiting for the launch of Robinhood's crypto wallet since it was initially revealed in September. Indeed, the wallet has already attracted over two million users. In January, a select 1,000 customers were granted access to a beta program to test the upcoming product, further fueling the buzz.

Today, the rest of these patient users will be able to use the wallet; the company is making the wallet product available to all eligible users who signed up.


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