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Jump Trading, the largest market maker in the cryptocurrency markets, made headlines in 2022 with several controversial events. From the disruption of UST’s peg to the dollar to being at the forefront of many “material attacks,” their name was always mentioned. Coincidentally, in May 2023, they suddenly decided to reduce their activities in the crypto space due to regulatory uncertainty.
Robinhood and Jump Trading
A new detail has emerged regarding Robinhood, the platform widely used by individual cryptocurrency and stock investors. According to information from knowledgeable individuals, Robinhood Markets is no longer doing business with Jump Trading. Robinhood’s commission-free crypto business relies on market maker firms to smoothly maintain its billions of dollars in trading volume. However, it was previously reported that Jump withdrew from the US market amid increased regulatory scrutiny.
There have been no mentions of Tai Mo Shan Ltd in Robinhood’s financial reports since the end of 2022. Instead, according to publicly available filings with the US Securities and Exchange Commission, the publicly traded broker is now working with rival market maker firms, including B2C2, which handles the lion’s share of Robinhood’s crypto flow.
There are no clear explanations as to why Robinhood and Jump are no longer working together.
Bitcoin Price
The king of cryptocurrencies has surpassed $28,000 today following Grayscale’s victory. A position worth hundreds of millions of dollars was opened with a single court decision. This feeds the optimism that the volume shortage in the cryptocurrency markets may soon reverse. While many indicators point to a bottom level for BTC, we mentioned the possibility of increased volatility due to news flow over the weekend.
Experts find it unlikely that the SEC will appeal the case without a valid reason. On the other hand, the SEC’s arguments were deemed unfair by a unanimous 3-0 vote. If crypto investors do not see any new negative news in the coming days, the market recovery may continue.
In the future, it would not be surprising to see companies like BlackRock and Fidelity, unlike semi-institutional companies operating in the gray area like Jump, thriving in the cryptocurrency markets.
