Stock Track | Robinhood Soars 5.07% in Pre-Market as Crypto Legislation Fuels Rally

Stock Track07-18

Robinhood Markets (HOOD) stock is surging 5.07% in pre-market trading on Friday, continuing its upward momentum following the passage of major cryptocurrency bills in the U.S. House of Representatives. This latest jump comes after the stock already hit a new all-time high of $105 on Thursday, marking a significant rally for the popular trading platform.

The surge in Robinhood's stock price is largely attributed to the broader crypto market rally triggered by the recent legislative developments. On Thursday, the U.S. House of Representatives passed three major cryptocurrency bills, sparking a broad rally across digital assets and crypto-related equities. This positive sentiment has particularly benefited Robinhood, which offers cryptocurrency trading services alongside traditional stock trading.

The ongoing rally in Robinhood's stock reflects investors' optimism about the company's position in the evolving cryptocurrency landscape. As the total crypto market capitalization crossed the $4 trillion milestone, crypto-linked stocks have seen significant gains. Robinhood's continued price increase suggests that market participants are betting on the company's potential to capitalize on the growing mainstream adoption of cryptocurrencies, especially in light of the new regulatory developments.

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