December 4, 2023

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Robinhood reportedly restricts crypto investing temporarily ‘due to extraordinary industry conditions’ as Bitcoin and Dogecoin spike sharply | Currency News | Economical and Small business Information

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Robinhood confined cryptocurrency trading on its platform Friday subsequent the soaring prices of Bitcoin and Dogecoin, CNBC reported

“Owing to remarkable sector conditions, we’ve briefly turned off prompt getting ability for crypto,” a Robinhood spokesperson instructed CNBC. “Consumers can nevertheless use settled resources to get crypto. We will continue to keep monitoring market disorders and speaking with our shoppers.”

Earlier in the working day, traders on Robinhood have been unable to make new deposits for cryptocurrency purchases. They could acquire cryptocurrencies only with the present deposits in their accounts, which can get 5 organization times to very clear, CNBC explained.

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The rate of Bitcoin surged 15% on Friday to $38,089.94, after Elon Musk changed his Twitter bio to “#bitcoin.” Musk’s tweets have prompted the latest frenzies into the shares of video-sport retailer GameStop and digital token Dogecoin. The meme-primarily based cryptocurrency that begun as a joke soared 336%, to $.054 on Friday, pushing it into the prime 10 cryptocurrencies by market cap, according to knowledge from Coin Gecko

Robinhood did not immediately respond to Insider’s ask for for remark.

The platform had also restricted investing of extremely risky shares like GameStop, AMC, BlackBerry, and other people on Thursday right before the market open up, indicating it consistently monitors the marketplaces and can make improvements wherever essential. It later on loosened limitations and reopened restricted buying. 

But day traders and some lawmakers sharply criticized the brokerage for leaving its buyers not able to buy some Reddit-touted shares. On livestream video clip provider Twitch, Rep. Alexandria Ocasio-Cortez identified as Robinhood’s decision unacceptable and explained additional information was necessary.

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