Arbitrum Price Rally 14% as Robinhood Listing Fuels Market Optimism
Arbitrum (ARB) received a major boost in prices after the asset got listed on Robinhood, one of the top American trading platforms. The message sparked a lot of interest among investors and caused ARB price rally from $0.3644 to $0.4181. This comes at a time when Robinhood is adding more cryptocurrencies to its list as they actively seek to grow their services.
Arbitrum Jumps 14% After Robinhood Listing
Recently, the American trading firm, Robinhood, included Arbitrum (ARB) in the list of the traded cryptocurrencies which caused a spike in the price. This token based on the Ethereum layer-2 network rose by 14%, from $0.3644 to $0.4181 in a few hours.
Alongside the price increase, trading volume rallied by 8, reaching $400 million. Market activity intensified as traders responded to the listing, which boosted ARB accessibility and liquidity. Despite this rise, ARB remains down 80% from its 2024 peak of $2.41.
Notably, Robinhood has been expanding its crypto exposure, most recently through a significant partnership with CME Group. This collaboration allows US retail traders to access a variety of futures contracts, including those for Bitcoin and Ether, directly on Robinhood’s platform.
Robinhood Expands Crypto Offerings
Robinhood has been adding more cryptocurrencies because of rising customer interest. It has expanded the range to attract more traders and include the new digital assets such as Arbitrum, XRP, SHIB, and BONK.
In the fourth quarter of the year, the company has seen a 700% year-over-year growth in its crypto revenue to $ 358 million. This increase correlates with Robinhood’s efforts to expand its crypto market share.
Also, the roll-out of Ethereum staking in the European Union and the addition of new digital assets show the dedication of platform to expand its services. More so, it shows their intent on developing as a business in a rapidly evolving crypto market.
US SEC Closes Investigation
Robinhood came under regulatory attention from the U.S. Securities and Exchange Commission (SEC) on its crypto operations. Nonetheless, the SEC recently concluded its investigation, which offered a legal boost to the company’s position on digital asset listings.
This decision takes the uncertainty out of it for Robinhood’s cryptocurrency division, enabling it to continue listing new tokens. With this regulatory hurdle out of the way, Robinhood is expected to add more digital assets.
Furthermore, the American trading company established itself in the European market, offering crypto services in Spain, compliant with the MiCA legislation.
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