Robinhood has halted all crypto-related trading activities for its users, and this decision is because of the recent unexpected massive rise in BTC and DOGE.
It is just attention on other exchanges for crypto traders, but on Robinhood, the leap in the price of DOGE has caused an ineffectiveness in the application as users started complaining about their restricted access to the app almost immediately after the surge.
The exchange platform went as far as disabling deposits making only users with funds in their account have access to coin purchase.
According to reports gathered from CNBC, the exchange has to put these unsolicited restrictions because of the increased volatility in the market. The company’s spokesperson explained that they had to turn the instant purchase power of crypto off because of the conditions around the market. Though, users can use their cleared funds to purchase more crypto. He promised that they will be monitoring the status of the market and will be in touch with their users.
Earlier before, a related circumstance had made this platform hibernate the trading of GameStop. This affects some other stocks like AMC Entertainment and the Nokia Stock (NOK). This ‘unruly’ development called the users to call them out on social media.
Musk Influencing DOGE
All is as a result of the imminent spike in the price of DOGE that gained over 800% this week. The trend as observed shows that the spike will be sustained for quite a while. Plus, this spike, the CEO of SpaceX and the richest man in the world, contributes to the price gain as he posts the Dogue Magazine’s front cover on his Twitter page. This creates a bullish pressure in the markets that led to a huge spike.
Checking the daily timeframe of the Dogecoin chart reveals that there has been no traction to the price since the ending quarter of 2020. But DOGE unexpectedly spiked from below $0.01 to $0.07.
This surge is not the first of its kind this year, the market had witnessed a rise on January 2 when the coin bounced from $0.004. Though the coin was created for fun, it has attracted the attention of investors intermittently.