$HOOD is losing 3.5% on the premarket as FTX is not going to acquire the famous trading app and platform
As the article suggested, FTX was thinking about receiving a large share in the company after Robinhood a massive drop in the app's usage and earnings, following the catastrophe on the cryptocurrency market and rapidly dropping popularity of high-risk assets like tech stocks.
Prior to the rebuttal, HOOD rallied by over 11%, showing that investors are bullish on the potential"cryptofication" of the platform in the future. The crypto exchange's token, FTT, has shown no unusual volatility, as the potential purchase would not have affected the performance of the platform in any way. Generally, the token follows macro trends on the cryptocurrency market and loses 46% of its value in the last few months as the digital assets industry remains under heavy pressure.
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