Robinhood reported cryptocurrency trading volumes up 95% in January to $3.7 billion from December 2022. Bitcoin for its part hit its highest price since August. At the same time, regulatory concerns seem to be easing.
A crypto year off to a good start?
Following on from Robinhood, The Block tells us that notional trading volumes were higher in January for stocks, options and crypto compared to December 2022. Recall that notional trading volumes are the main indicators of trading revenue. Over the mentioned period, the shares reached $46 billion, an increase of 19%. As for option contracts, they climbed 10% to reach 82.9 million.
At the end of January, the number of monthly active users was 12 million. This represents an increase of 600,000 users compared to December 2022. Another relevant indicator revealed by Robinhood concerns assets under custody. At the end of January, they amounted to 74.7 billion dollars. This figure represents an increase of 20% compared to the end of December.
Is a Bull Run in preparation following this increase in cryptocurrency exchanges?
The crypto market has been bathed in a very harsh winter for more than a year. Several cryptocurrencies crashed, exchanges closed shop. In addition, several regulatory institutions are threatening to impose binding regulations. However, a glimmer of hope seems to be emerging at the start of the year. Indeed, several cryptocurrencies are experiencing encouraging price increases. Bitcoin, for example, climbed 43% in January. Cryptocurrencies with the largest market capitalization are also showing signs of health.
Despite numerous threats from regulatory authorities, including the United States SEC, cryptocurrency is holding up. Although we recently recorded the vertiginous fall of the BUSD. According to observers, the policeman of the American stock market has decided to put an end to cryptocurrencies in all their forms. Is such a project feasible?
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