Robinhood’s Crypto Trading Facility Faces Outage Amid Rumors of Restricting Dogecoin Trading

By Bhushan Akolkar
Published April 16, 2021 Updated April 16, 2021
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Robinhood’s Crypto Trading Facility Faces Outage Amid Rumors of Restricting Dogecoin Trading

By Bhushan Akolkar
Published April 16, 2021 Updated April 16, 2021

Dogecoin (DOGE) has once again registered a phenomenal rally surging 114% in the last 24 hours and hitting its all-time high of $0.29. With DOGE valuations soaring to $34, Dogecoin also makes an entry to the top-ten list as the eighth largest cryptocurrency leaving behind Litecoin (LTC), Uniswap (UNI), and Chainlink (LINK) once again.

Amid all this, popular crypto and stock trading platform Robinhood finds itself in the center of a controversy. There have been some ongoing rumors on social media that Robinhood has been restricting trading of Dogecoin (DOGE) on its platform just like it did with the GameStop (NSE: GME) earlier this year in January 2021.

However, Robinhood has clarified about the same tweeting: “No, we didn’t place restrictions on $DOGE trading. This is false information”.

The social media rumors started floating around when Dogecoin (DOGE) investors were unable to cash out from their Robinhood trading accounts. This ultimately resulted in investor outrage as most users were willing to book profits as DOGE has surged more than 250% in just the last three days.

Robinhood Crypto Trading Facing Outage

In its recent update, Robinhood has issued a statement saying that it is currently facing some serious technical difficulties for its crypto trading facility on the platform. “We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible,” Robinhood tweeted an hour ago.

Robinhood has faced the ire of investors and regulators recently over issues of its trading platform underperforming especially during the peak market moments. Earlier this year, Robinhood had blocked purchases for GameStop, AMC, and other stocks after a massive frenzy from WallStreetBets – a Reddit-based group of retail investors taking on huge hedge giants.

As a result, Robinhood has been facing multiple class-action lawsuits from its users and also has been under federal investigation. On the other hand, WallStreetBets has opened a new thread for crypto discussion for Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). It seems the Reddit group is really causing the pain for Robinhood.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
826 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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