Why Robinhood Stock Was Soaring This Week
Shares of Robinhood Markets (NASDAQ: HOOD) were flying higher this week as the company cashed in on the latest crypto boom. Bitcoin (CRYPTO: BTC) hit its highest levels in more than a year this week, topping $44,000 per token on hopes for a new Bitcoin ETF. The rest of the crypto sector rose broadly on those tailwinds, shrugging off news that Binance, the world's biggest cryptocurrency exchange, was fined more than $4 billion for not preventing money laundering on its platform and that founder Changpeng Zhao pled guilty to a felony and stepped down as CEO.
Over its history, Robinhood's success has been closely linked to crypto, and that relationship was on display again. As of Thursday's close, Robinhood stock was up 23.2% for the week, according to data from S&P Global Market Intelligence.
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Source Fool.com
