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Robinhood Limits Cryptocurrency Trading Citing 'Extraordinary Market Conditions'
Users still have some crypto trading functionality, per a Friday report from CNBC.
By Zack Voell
Updated Sep 14, 2021, 11:03 a.m. Published Jan 29, 2021, 1:23 p.m.
Popular mobile trading platform Robinhood has limited its users cryptocurrency trading abilities, per a Friday report from CNBC.
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- Citing "extraordinary market conditions," Robinhood said in a statement that "we've temporarily turned off Instant buying power for crypto."
- Traders can "still use settled funds to buy crypto," however, the spokesperson noted.
- Bitcoin soared nearly 20% in the past 24 hours, per market data from Messari, in part caused by social media attention after Telsa CEO Elon Musk changed is previously blank Twitter bio to a simple "bitcoin."
- Robinhood will be "monitoring market conditions and communicating with our customers."
- Bitcoin is trading hands just above $37,000 at last check.
This is a developing story and will be updated.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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