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Robinhood, the popular trading platform, has reported a significant surge in cryptocurrency trading activity. According to a recent filing with the Securities and Exchange Commission, the platform experienced a 75% increase in crypto trading volumes in November compared to the previous month.

“November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels,” Robinhood noted in its 8-K update.

The company also mentioned plans to disclose comprehensive operating data for November in the upcoming weeks.

This uptick in trading activity marks a potential turnaround for Robinhood, which has recently witnessed a downturn in crypto-related revenue. The third-quarter report showed a 55% drop in transaction-based revenues from cryptocurrencies, totaling $23 million, continuing a trend seen in the second quarter.

Amidst these developments, Robinhood announced last month its intention to expand crypto trading services to the European Union, following its launch in the UK.

This surge in trading coincides with a notable rise in Bitcoin prices. The leading cryptocurrency has experienced a 20.6% increase over the past month, fueled by the anticipation of the U.S. Securities and Exchange Commission (SEC) possibly approving a spot Bitcoin ETF. Over the past year, Bitcoin has seen a remarkable 145% growth.

On Monday, Bitcoin continued its upward trend, registering a 5.4% increase and reaching a value of $42,006. This positive trajectory in Bitcoin’s value and the broader crypto market appears to have contributed significantly to Robinhood’s increased crypto trading volumes.