The famous Cryptocurrency trading platform Robinhood is currently facing issues processing the cryptocurrency trades this morning. The sudden crash was caused as a result of the Dogecoin spike in price. The sudden soar in the Dogecoin price had sent flocks of users to the app.
A website in this regard, DownDetector, has revealed the trading platform outage beginning around 9.:30 A.M. ET. About an hour later, the severity dreadfully reduced. Robinhood had confirmed that it had seen a “partial outage” in cryptocurrency trading. It also mentions that the issues got resolved by 11:15 A.M ET.
The outages in the platform had been subsequently noticed as it came during the Dogecoin spike and a subsequent dip in the Dogecoin prices. The coins had been priced around $0.40 at the initial phase of the day. The prices spiked past $0.50 around 8 A.M. ET. Near 10 A.M ET, the price soared as high as $0.60.
The users had been speedy enough to voice their frustrations on the app via Twitter. They had undergone the same issue for the second time following the January incident. In January, the Robinhood limited trading company went to buzzy and soaring stocks that included AMC and GameStop.
In the app this morning, a message told users-
“We are experiencing intermittent issues with crypto trading. We are working to resolve this issue as soon as possible.”
Meanwhile, the price fluctuations on Dogecoin continued to its rapid flip up and down.
The Robinhood app has made it easy incredibly to everyone becoming an amateur trader of stocks or crypto coins. This also means that the problem with the trading app can affect the markets. This is solely because of the only route to a mass of traders encircling a buzzy asset requiring to place a sell or buy order.
On the 16th of April, Robinhood had written that the enthusiasm for Dogecoin has led to the “sporadic crypto order failures.” At the same time, the company had stated –
“These interruptions aren’t acceptable to us.”
However, later this year, Robinhood is expected to go public.
Source: The Verge
Disclaimer: Read the complete disclaimer here.