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JPMorgan: Expects Robinhood's cryptocurrency business revenue to decline in Q1 after hitting a record at the end of 2024

ChainCatcher news, according to CoinDesk, JPMorgan analyst Kenneth Worthington predicts that Robinhood (HOOD) may struggle to sustain its record cryptocurrency trading revenue in the fourth quarter of 2024, with a potential decline in digital asset trading volume in the first quarter of 2025. The trading platform is set to announce its first-quarter financial results after the market closes on May 1, Eastern Time.The report shows that Robinhood's cryptocurrency trading revenue surged 700% in the fourth quarter of last year, driving a significant increase in overall trading revenue. However, due to the dual impact of a stock and bond market downturn in the later part of the first quarter and a correction in the cryptocurrency market, it is expected that the trading volume for that quarter will drop from $71 billion in the fourth quarter to $52 billion. The assets under custody (AUC) are expected to decline by 5% quarter-over-quarter to $183.3 billion, but still show a year-over-year growth of 41%.Although retail buying was stimulated by U.S. tariff policies in early April, analysts believe this is unlikely to reverse the downward trend in the first quarter. Weak demand for margin and derivatives trading may further drag down performance. JPMorgan maintains a "neutral" rating, lowering the target price by $1 to $44, implying about a 10% downside from the current stock price of $49.

bit.com launched the on-chain trading platform GoRich, which allows a single account to trade multi-chain tokens

ChainCatcher news, the on-chain trading platform GoRich incubated by bit.com has officially launched.GoRich is the on-chain trading platform within the BIT.com APP, supporting multi-chain token trading with a single account. By using GoRich for on-chain trading, users do not need to create a Web3 wallet or manage private keys; they can conveniently buy and sell popular on-chain assets using USDT, significantly lowering the barriers to on-chain trading.The core highlights of GoRich include: multi-chain integration, direct access to on-chain within the BIT.com App, one account for trading multiple chain tokens; no wallet needed, trade directly with bit.com account funds without wallet and private key management; one-token access, no additional native tokens required, buy tokens and pay Gas with USDT; flexible trading, supports limit orders, one-click doubling of capital, MEV protection; secure custody, assets are held by Cautus Custody, ensuring safety and compliance.To celebrate the launch, GoRich is simultaneously offering a limited-time benefit event: from April 30 to May 12, new users will receive $Trump tokens for trying out the platform, and those with high trading volumes will have a chance to win up to 3 SOL in rewards.Currently, GoRich has officially launched on the BIT.com APP, and users can log in to the BIT App to experience it.

Letsbonk.Fun Developer: Purchasing non-BONK tokens is intended to support creators and does not generate profit

ChainCatcher news, regarding traders tracking their wallet profits, Tom (@SolportTom), a developer of the meme coin issuance platform Letsbonk.Fun under BONK, stated on the X platform that the main goal now is to develop this platform and help creators reach a certain number by trying new things. To create more markets unrelated to BONK, he publicly disclosed his wallet address and purchased related tokens, buying the first non-BONK cryptocurrency (GRASSITO) after the platform announcement was made.Tom mentioned feeling a great responsibility as his wallet was being tracked. He stated, "I only bought one token, then destroyed it and repurchased because I will not abuse this influence." He also revealed that he privately increased his holdings of the token with a market value of $6 million. Tom emphasized, "I am not a developer, there is no secret supply, and I have not profited from this. I just bought the first token that appeared, did not anticipate the subsequent developments, but given the increasingly crazy situation, I decided to become a holder and support within my capacity."In addition, Tom disclosed that he holds HOSICO, LetsBONK, and GRASSITO tokens, and mentioned that he is communicating with an excellent technical team to discuss token deployment cooperation, while updates such as the platform's native translation and advanced trading features are also progressing in an orderly manner.
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