The download rate of the “Robinhood” and “Binance” application on the app stores has decreased… what does it mean?
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Answer The download rate of the “Robinhood” and “Binance” application on the app stores has decreased… what does it mean?
There are many indicators and indications that partially show the general trend of the financial markets, including the trend of trading the crypto market.
Robinhood app downloads have fallen and this could lead to a drop in the company’s stock price, according to JPMorgan analysts.
JPMorgan analysts added in their memo, which I have reviewed:BloombergAs you posted, Robinhood’s stock could actually take a hit like a 20% drop in value, as interest in meme-style cryptocurrencies fade away.
Robinhood allows investors and traders to buy stocks and cryptocurrencies easily and quickly.Read:Binance asks Iranians to withdraw their cryptocurrency immediately
Robinhood has been especially popular with young and amateur investors.
But analysts noted a significant decline in app download and active user metrics in the quarter, with downloads down 78% and 40%, respectively.
Cryptocurrency exchange apps like Coinbase and Binance also dropped, with both dropping by nearly 50%.
Robinhood was very popular at the beginning of the year, especially among cryptocurrency traders.
The app announced in April 2021 that 9.5 million of its customers traded cryptocurrencies in the first quarter of 2021, an increase of 458% over the fourth quarter of 2020.
Cryptocurrencies “Meme” were also popular on the app, especially while pressing the “GameStop” shares.
This happened when amateur traders pushed the share price of video game retailer GameStop, leading Wall Street VIPs to lose big in the process.
Since then, the app has encountered some problems.
Robinhood went public in July but had a rough start, seeing the worst IPO debut of its size, with shares dropping 8.4% to $34.82 from their opening price of $38.
I also had problems with the regulators.
In June, the company was fined nearly $70 million for large-scale and widespread damage to customers.Read:Only 8% of all the examined decentralized exchanges are safe
This fine, the largest ever by the financial industry regulator, was linked to misleading communications and system outages.Read:Report: EOS Network is just a cloud computing service, not a blockchain
All of this negatively affected the download rate of the “Robinhood” app.
As for the decline in the download of the “Binance” and “Coinbase” application on the application stores, the main reason behind this could be the decline in the price of Bitcoin and other cryptocurrencies from what it was in the first quarter.
The prices of cryptocurrencies declined significantly in the third quarter of 2021, which negatively affected the appetite of individual traders.
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