Robinhood Restores Crypto Trading After Dogecoin Volumes Cause ‘Major Outage’
The Robinhood crypto and stock trading platform was momentarily inoperable this morning. Usage was fully restored a few hours later.
On April 16, the beleaguered Robinhood trading platform suffered a major crypto trading failure due to "unprecedented demand".
The company resolved the problem a few hours later, but the market quickly spotted it.
We are currently having issues with crypto trading. We're working on getting this fixed as soon as we can. The latest updates can be found at https://t.co/hS5J5eu1GV.
- Robinhood (@RobinhoodApp) April 16, 2021
The outage occurred at 9:49 p.m. ET and was fully resolved about two hours later. During this time, several assets rose, most notably Dogecoin (DOGE).
Market activity has increased significantly over the past week and Bitcoin has exceeded $ 64,000. Part of that trading was triggered by Coinbase's stock listing, which has attracted a lot of attention.
Dogecoin appreciated after a cryptic tweet was posted by Elon Musk, who had tweeted about it multiple times. Investors have arrived and are up 80% in the past 24 hours.
Doge barks at the moon pic.twitter.com/QFB81D7zOL
- Elon Musk (@elonmusk) April 15, 2021
The platform had previously deliberately restricted DOGE trading as it rebounded, citing "overwhelming market conditions" in the process.
Robinhood meanwhile had to deal with criticism from the crypto community. Most in the Twitter universe said the platform didn't want users to trade on a peak value. Some users have found that the DOGE page doesn't even load.
The incident is just another worrying incident for Robinhood that has been extremely criticized by the public. Still, the number of crypto users has increased by over 600% this quarter.
These incidents are occurring because there are plans to go public, which could happen in the second half of 2021.
Robinhood faces problems
The day before, Robinhood posted a post referring to the Massachusetts Securities Division's decision to revoke its license in the state. The revocation prevents the company from serving millions of customers in the region.
Robinhood has filed a complaint and filed a restraining order to stop the change.
We welcome the opportunity to correct the records for both factual and the law, and expect us to prevail on this matter. Read more about our statement on the Massachusetts Securities Division's complaint here: https://t.co/BCZX50oC9r
- Robinhood (@RobinhoodApp) April 15, 2021
The company called the decision an "attempt to prevent Massachusetts residents from choosing how to invest is elitist and against everything we stand for." It refers to the complaint as a reflection of outdated ways of thinking.
It continues to face major setbacks in handling the GameStop Short Squeeze incident. The platform seems to have permanently damaged its reputation.
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