After Bitcoin and Dogecoin both soared, Robinhood on Friday (29) imposed restrictions on cryptocurrency trading, citing exceptional market conditions.
CNBC reported that earlier Friday, users said Robinhood had suspended instant deposits for cryptocurrency trading, and could now only rely on existing funds in their accounts for transactions.
A Robinhood spokesperson later confirmed to CNBC that the company has temporarily shut down instant deposits for cryptocurrencies due to the exceptional conditions in the market, and that users will only be able to trade with existing funds in their accounts, but it could take up to five business days to settle.
Robinhood said it will closely monitor market conditions and communicate with users. The company was criticized on Thursday for its move to restrict trading in popular stocks such as GameStop and AMC, and announced shortly after that it would resume limited trading.
In addition to popular stocks, the dog coin, which originated from the Internet fan, soared more than 800% on Thursday, with its market value soaring to $7 billion, which most people believe is related to the restrictions on GameStop hype. Bitcoin also saw a wave of gains on Friday after Musk abruptly changed his Twitter profile to #bitcoin.
According to CoinDesk data, the dogcoin rally had receded slightly by press Time, but was still as high as 188% to $0.054362. Bitcoin, on the other hand, rose 17 percent to $37,350.27.
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