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Robinhood Suffers Crypto Trading 'Issues' as Ether, Dogecoin Soar
This isn't the first time.
Updated Sep 14, 2021, 12:50 p.m. Published May 4, 2021, 3:42 p.m.
Popular investing app Robinhood is once again having issues with processing orders amid the trading frenzy in cryptocurrencies.
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Dogecoin (DOGE), the fourth-most valuable cryptocurrency by market cap, according to Messari, made an all-time high around $0.60 on Tuesday and is now trading around $0.53 at the time of writing.
Ether (ETH), the second-largest cryptocurrency, was surging for a 10th straight daily gain, potentially tying its longest winning streak in history, and pushed Tuesday to a new all-time high price over $3,500.
But many cryptocurrency traders flocking to Robinhood to place orders may have instead learned that service was disrupted.
In a tweet, Robinhood assured users that it was working to resolve the issue as soon as possible:
We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J
— Robinhood Help (@AskRobinhood) May 4, 2021
This isn’t the first time Robinhood has experienced platform issues. In January, Robinhood blocked trading in volatile stocks including GameStop and AMC during the buying frenzy prompted by Reddit group r/WallStreetBets. The trading app faced lawsuits following the blockage.
In April, Robinhood faced technical issues due to heightened cryptocurrency trading volumes during a near 15% sell-off in bitcoin (BTC).
According to Tuesday's tweet, traders can visit status.robinhood.com for real-time updates.
Robinhood later noted the issue was resolved was resolved at 11:15AM ET.
Update: Crypto trading is now fully restored. We know some customers may have experienced intermittent issues earlier. We’ll continue to monitor the situation closely and we’re sorry if you were impacted. Please contact us if you have outstanding issues. https://t.co/adhugIHVGR
— Robinhood Help (@AskRobinhood) May 4, 2021
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