HomeFinance NewsFinanceInvestors Flock to Bitcoin Amid Robinhood's Rocky Ride: What's Next?

Investors Flock to Bitcoin Amid Robinhood’s Rocky Ride: What’s Next?


Coinbase, Robinhood shares are lower despite bitcoin ETF approval


Coinbase and Robinhood stocks have taken a hit as traders consider the potential impact of bitcoin exchange-traded fund (ETF) approval in the United States.

The SEC’s recent move is seen as a boost to the crypto industry, lending credibility to the volatile asset class.

However, there’s a concern that a spot bitcoin ETF could challenge Coinbase’s position as the go-to platform for investing in digital currencies.

This brought Coinbase stock down by more than 6% and Robinhood by over 2%.

Despite the current dip, both companies had a strong year in 2023, with Coinbase gaining 391.4% and Robinhood soaring by 56%.

  • Overall sentiment: neutral
  • Positive

    “Coinbase CEO Brian Armstrong told CNBC’s Andrew Ross Sorkin in an interview that aired Thursday. “There’s 52 million Americans who have been using crypto over the past decade, and I think they’ve been waiting for some kind of acknowledgment from the government, and the SEC in particular, that this asset class is here to stay — and they finally got that.””

    “Coinbase is coming off a monster year, rallying 391.4% in 2023. Robinhood also soared more than 56% last year.”


    “Shares of Coinbase and Robinhood were lower Thursday as traders weigh how the approval of bitcoin exchange-traded funds in the U.S. could weigh on the crypto trading platforms.”

    “There is some concern that the advent of a spot bitcoin ETF in the U.S. could put pressure on Coinbase down the road — as it offers investors an easier way to invest in the cryptocurrency.”

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