Robinhood Cryptocurrency Trading Volume Down 57% YoY in April

cryptocurrency trading volume at Robinhood Markets Inc. more than halved in April, outpacing declines at rival exchanges as retail investor interest in digital assets cooled.Robinhood said in an operations report Wednesday that cryptocurrency notional volume was $10.1 billion last month, down from $23.6 billion in trading volume in March which was 57 percent. It was still up 173 percent from the same period last year. In addition, the stock trading platform's average daily revenue trading volume, which is used to indicate the number of trades generating commissions each day, fell 43 percent to about 400,000 trades. This drop was more pronounced than that of other cryptocurrency exchanges. Spot trading volume on centralized exchanges such as Coinbase, Binance and Kraken (excluding Robinhood) plunged 32.6 percent to $2 trillion last month, according to research firm CCData. It was the first such drop in seven months, with investor demand for crypto assets weighed down by Bitcoin's retreat from March's record highs.