More popular than ever – trading apps depend on social networks

Is trading in cryptocurrencies and stocks currently even more popular than using TikTok, YouTube, Instagram and Snapchat?

More popular than ever - trading apps depend on social networks

Two trading apps have made their way to the top of the Apple App Store charts in the past few days. The controversial trading platform Robinhood now holds first place, while the crypto exchange Coinbase has climbed to second place.

The two trading platforms on which cryptocurrencies can be traded are now pushing the popular social media app TikTok from the throne or in third place. The well-known platforms YouTube, Instagram and Snapchat are also dropped and relegated to fourth, fifth and sixth.

As a Article from CNBC suspected, a large part of the population is currently perhaps more interested in trading crypto currencies than in communicating via the various social networks. But the high media presence of the two trading platforms in the last few months could also be decisive for their new popularity.

Robinhood, for example, which specializes in giving small investors the opportunity to participate in the financial markets, was in the focus of the media at the beginning of the year, albeit for rather unpleasant reasons. The company played a major role in the GameStop affair, because a large number of small investors had agreed to jointly buy GME shares via the Reddit sub-forum r / Wallstreetbets. This in turn led to a massive jump in the price of the security, which resulted in Robinhood trading on its own platform had to suspend, because this was used especially for the purchase of the share. A step that earned the app a lot of criticism, but ultimately also a lot of attention.

The crypto exchange Coinbase has meanwhile moved more into focus in the last few days, after the planned IPO of the crypto company took on more and more concrete moves and was finally carried out this week. The corresponding share under the ticker COIN is already trading hot.

Almost a year ago, the crypto market and the stock market were still on the ground when both financial markets fell sharply at the start of the corona crisis in March 2020. In the period that followed, the stock market reached new record highs, which the crypto market even exceeded significantly, because market leader Bitcoin alone was able to more than triple its price compared to the previous record high of 2017. The interest in trading in financial products currently seems higher than ever, which is now reflected in the App Store.

  • #Coinbase
  • #iOS
  • #Economy
  • #Finance
  • #Applications
  • #Robinhood
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