MarketPR
Robinhood Markets shares rose 7% to $110.97 and Webull climbed 4% to $8.86 on Tuesday, following a report by Webull CEO Anthony Denier that retail buy orders for major cryptocurrencies increased by nearly 300% since the June 4 repeal of the pattern day trader rule.
Denier told CNBC that the surge in order flow for Bitcoin and Ethereum has significantly boosted Webull's trading volumes.
The old pattern day trader rule required a minimum equity of $25,000 for accounts making four or more day trades within five business days.
With the average Webull account holding approximately $5,500, the regulation previously restricted most of the platform's users from unrestricted day trading.
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