Not the first time. Not the last time, either, probably. Robinhood has made quite a name for itself when it comes to issues right as popular cryptocurrencies start to rally.
And the latest showcase of this happened during the recent frenzy that saw Ether and Dogecoin climb to new highs in terms of value. The popular investing app, once again, had issues processing orders amid the trading craze.
Dogecoin, now the fourth largest currency by market cap, made an all-time high nearing almost $0.60, thanks to its recent rally ahead of a certain Elon Musk appearing on SNL.
Ether, meanwhile, the second largest cryptocurrency, surged for a 10th straight daily gain, potentially tying its longest winning streak in history, to push to a new all-time high price of over $3,500 on Tuesday.
And as crypto traders flocked to Robinhood to place orders, they were in for a rude awakening when they learned that the service was disrupted.
We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J
— Robinhood Help (@AskRobinhood) May 4, 2021
This tweet above provided the lowdown.
Of course, if you have been following along, you will recognize that this is not the first time Robinhood has experienced platform problems. The platform blocked trading in volatile stocks like GameStop and AMC in January, in a move that led to it facing lawsuits following the blockage.
Something similar happened in April when Robinhood faced technical issues due to heightened cryptocurrency trading volumes, during a near 15% selloff in Bitcoin.
As confirmed, this latest trading issue has been fully resolved.
But not before it left a sour taste in the mouth for those affected by this blip.
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