Robinhood Markets Inc. (HOOD) saw its stock price surge 5.03% during intraday trading on Wednesday, outperforming the broader market. The rally was driven by a rebound in the cryptocurrency market, with Bitcoin rising to a two-week high of $93,633.70.
Crypto-related stocks, including Robinhood, gained momentum as investors returned to risk assets following Bitcoin's 6% rise in the previous session. Robinhood, which offers cryptocurrency trading services, benefited from the renewed interest in digital assets.
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