Robinhood was having problems this morning, with the company acknowledging that users had problems with Crypto trading. This is another frustrated blackout for the popular trading platform, and comes as a share of Meme turned Dogecoin favorite Elon Musk (aka Doge) see a surge in prices.
“We are currently having problems with Crypto trading,” Robinhood confirmed on his Twitter support account. “We work to finish this as soon as possible.”
According to the robinhood service status tracker, the company began investigating the problem at 10:06 EDT today, May 4. Almost all other company services are not affected, which means users can still participate in the trade in equity, options, and trade in fractional equity. Bank transfers are experiencing “degraded performance,” Robinhood said, although it was not clear whether it was connected at all with the Crypto trading problem.
Not surprisingly, Robinhood users were not impressed. The Twitter company is being spiced with a frustrated candidate prospective, who has hoped to take advantage of the Doge increase this morning. Stock – which starts as a joke, but who gets an unexpected attraction in an unexpected part because of the support of Elon Musk’s vocal for Dogecoin on Twitter – has jumped significantly in a few weeks, hitting the highest all-time today.
It coincides with the list of Doge in Etoro, a multi-asset broker, on Monday, and then Gemini follows a suit on Tuesday. Etoro claims strong client requests have caused decisions.
This was not the first time Robinhood crashed into when Doge surged. The same thing happened back in April, actually.
Robinhood has become a popular platform for Beginner Crypto traders, with an easy-to-use company application and fractional stock systems prove to attract those who want to dip toes to the market. But the popularity has brought headaches with it too. Earlier this year, as gamestop shares (GME) surged after Reddit flowers, Robinhood imposed a hard hat in trading for it and other very volatile shares.
Justification for that, said Robinhood, is a back-end commitment to cover trade in place, which has skyrocketed with sudden interest in a handful of companies. All the same, which does not stop conspiracy theories that everyday investors are manipulated while greater hedging funds and organizations are still permitted to trade.