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Robinhood Resolves Issues With Crypto Trading Amid Dogecoin Rally
The company’s Twitter post cited “unprecedented demand” leading to traders being unable to complete orders.
Updated Sep 14, 2021, 12:41 p.m. Published Apr 16, 2021, 9:53 a.m. 1 min read
Online brokerage app Robinhood said it has resolved an outage which prevented users completing trades as they attempted to get in on the recent dogecoin rally.
- Robinhood tweeted Friday that “crypto trading is fully restored” after “unprecedented demand” for its services created issues executing orders for several hours late Thursday night and into Friday morning.
- The company had acknowledged that orders were displayed as “pending” for extended periods.
- The demand appears to have been led by users looking to buy dogecoin, which more than doubled in price in the last 24 hours to hit an all-time high of $0.29.
- DOGE has pulled back subsequently and is sitting at $0.27 at press time.
- Robinhood denied the suggestion that it was limiting dogecoin trading, tweeting that this was “false information.”
- The online brokerage app has seen a surge in customer sign-ups so far this year with CEO Vlad Tenev speaking of the challenge in responding to this to ensure that its system remains stable.
No, we didn’t place restrictions on $DOGE trading. This is false information. For latest operational updates, check https://t.co/hS5J5eu1GV.
— Robinhood (@RobinhoodApp) April 16, 2021
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What to know:
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- U.S.-listed spot bitcoin exchange-traded funds have seen more than $2.26 billion in outflows over the past two weeks.
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