Bitcoin Rally Lifts Robinhood Stock by Over 12%
Robinhood Markets Inc. (NASDAQ:HOOD) stock surged more than 12% on Friday, buoyed by a sharp rally in Bitcoin and renewed optimism over U.S. cryptocurrency regulation.
The price of Bitcoin rose 7.52% to $77,703.74 over the past 24 hours, according to CoinMarketCap.
A White House cryptocurrency summit on Wednesday contributed to the positive sentiment, where President Donald Trump reiterated his support for U.S. leadership in cryptocurrency and urged Congress to pass the CLARITY Act.
The stock's technical analysis suggests it is trading above its short-term and long-term moving averages, but a key resistance level of $120.50 may stall its rally.