At the close of trading this Thursday on the New York Stock Exchange, the vast majority of crypto assets retreated. Despite this, the weekly numbers for some of these companies remain solid. Among them, Robinhood shares (HOOD) stand out.
The shares of this American digital asset broker reached $33.76 per share last Tuesday. Before the opening of operations this Friday, they change hands for a price of $32.22 dollars. This is an obvious setback that was common to all stocks related to the Cryptocurrency sector.
In the case of HOOD, the decline in the stock’s trading value on the day did not affect its overall numbers at all. In that sense, the firm’s assets maintain a solid performance of +22.65% within a period of 30 days. Likewise, so far this year they show a resounding +152.90%, according to Yahoo Finance.
There are several reasons for investors to be bullish on Robinhood (HOOD) stock. Among them, the rapid expansion of the platform in Europe stands out. Added to this is the firm’s strong incursion into the area of cryptocurrencies.
The outlook for Robinhood stock is bullish in the short and medium term. Source: Yahoo Finance
Robinhood Stock Will Continue to Rise
But the most compelling element that determines the sure rise of HOOD shares in the coming months is politics. After Donald Trump’s resounding victory in the presidential elections at the beginning of the month, the political environment is enormously favorable for companies in the innovation sector.
Resilience in the face of the hostile policies of the Securities and Exchange Commission (SEC) under the outgoing administration will finally be rewarded. The imminent departure of Gary Gensler from the chairmanship of the SEC will usher in a time of momentum for activities related to cryptocurrency trading. In this last scenario, as expected, trading firms are among the main winners.
The new regulation and the increase in the number of investors and users of cryptocurrencies will cause an increase in the trading volume of platforms such as Robinhood. This positive business outlook for the coming quarters will surely be reflected in Robinhood stock. Thus, investing in these assets in the current context could be classified as a cheap purchase.
Importantly, this firm’s assets have a strong correlation with the Bitcoin spot price. This means that the periodic corrections and volatility of the cryptocurrency will have more and more impact on the company’s shares.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Stocks are highly volatile assets and placing capital in them can lead to total losses.
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