Arbitrum gains 17% on speculation of secret partnership with Robinhood

Arbitrum gains 17% on speculation of secret partnership with Robinhood

There is a stormy atmosphere in the crypto community after speculation emerged on social network X (formerly Twitter) about a possible strategic link between blockchain Arbitrum and US trading platform Robinhood Markets. These speculations immediately triggered significant market movements, especially the rise of the Arbitrum token (ARB), which appreciated by an impressive 17% during the day.

What's behind the speculation?

On Sunday, Robinhood published a post on X announcing that a meeting of prominent figures from the crypto world would take place on Monday. Among them are Vitalik Buterin, co-founder of Ethereum, Robinhood Crypto CEO Johann Kerbrat and A. J. Warner, director of strategy at Offchain Labs - the creators of Arbitrum. These meetings are set to take place fireside at an event hosted by Robinhood Europe in Cannes, France, which the firm described as unveiling "the biggest crypto announcements of the year".

A history of speculation and possible partnerships

Back in May, information was leaked about Robinhood's possible deal with blockchains Arbitrum and Solana. At the time, these were considered projects, but a final agreement was not confirmed. Now, speculation is focused on Arbitrum, with some sources suggesting that Robinhood seems to have chosen this platform.

Market reaction and the growth of the ARB token

On the back of this speculation, the Arbitrum token (ARB) saw its biggest daily rise in a while. Since the post on X, its price has increased by more than 17%, to roughly 36 cents. The highest intraday value reached 38.6 cents, a significant jump from previous values of around 31 cents. This increase made it the best performing token of the day on the crypto market.

Price evolution and current situation

Although ARB has experienced a steep decline this year - from a high of $2.39 in January 2024, it has lost almost 85% of its value - today's growth shows that the market still believes in the platform's potential. Over the past 24 hours, the token has gained nearly 17%, and its price is hovering around 36 cents.

Stock market reaction

Equally interesting is the fact that Robinhood (HOOD) shares have also seen a slight rise after speculation. In overnight trading, it rose around 1.65% to $84.26, suggesting that investors are expecting an official announcement or further action from the platform soon.

What does the future hold?

Although all of this information is still speculation, its impact is already evident in the market. If the speculation is confirmed, it could mark a significant step forward for Arbitrum and its integration into the broader ecosystem of cryptocurrencies and traditional funding through Robinhood.

For now, however, everything should be taken with a grain of salt as no official announcement has been made. However, the market is now anxiously watching not only the development of the ARB price, but also possible other strategic partnerships that could influence the direction of the cryptocurrency scene in the coming weeks.

*This is not an investment recommendation.

Coingarage team