Robinhood stands as a now troubled trading platform, has suffered another setback by way of a major crypto trading outage. According to Robinhood itself, this power outage came as a result of an unprecedented amount of demand within the exchange.
Another Trading Outage
The trading outage, having occurred on the 16th of April, particularly at 07:00 AM. In around two hours, at 09:17 AM, the issue was fixed. However, during this exact time, there was a significant spike in asset prices, Dogecoin being the most prominent of them.
Update: Crypto trading has been partially restored and we’re working toward restoring and maintaining full functionality. We’ll continue to share updates here and on https://t.co/hS5J5eu1GV.
— Robinhood (@RobinhoodApp) April 16, 2021
That being said, the entire crypto space at large saw a significant increase within the past week, Bitcoin managing to push past the $64,000 mark at this time. There are a few reasons for this incredibly bullish atmosphere, one of the more prominent reasons being the stock listing of Coinbase, which has seen a large amount of attention gathered to it.
Dogecoin Pumped Yet Again
Dogecoin, in particular, saw a 24-hour jump of over 80%. This can be attributed to Elon Musk. He tweeted once more about the memecoin, which caused investors to flock towards the asset.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Now, spectacular DOGE price actions are nothing new. Indeed, Robinhood had already intentionally restricted the trading of DOGE during market rallies, blaming it on the overwhelming market conditions at the time.
Robinhood Can’t Seem To Win
The most recent crypto market outage has gathered Robinhood a fair amount of criticism from the crypto space. The Twitter space in particular was alight from comments accusing the platform of not wanting users to trade in spiking assets. In fact, some users made note of how the DOGE page couldn’t even load on Robinhood during this outage.
As was said before, this stands as Robinhood’s latest in a series of problems. The platform, through its various actions through various events, has garnered a significant amount of criticism. Even so, the platform saw a growth of 600% in crypto users, as well.
One of the more crippling hits against Robinhood came from an announcement a day prior. In this post, the exchange revealed that the Massachusetts Securities Division made a decision to revoke the state license for Robinhood. As a result of this, Robinhood has been denied access to millions of customers in that area. Obviously, the company is filing a motion for a preliminary injunction and a formal complaint to counteract this move, but things aren’t looking so good for the world’s most famous or infamous no-fee exchange.