Robinhood ran into issues processing cryptocurrency trading this morning during the price spike for Dogecoin, prompting users to flock to the app.The DownDetector website showed an outage beginning at 9:30 AM ET and The violence was reduced about an hour later Robinhood confirmed that there was “There was some disruption” in crypto trading and said the issue was resolved at 11:15 AM ET.
The downtime was especially noticeable as it occurred during the Dogecoin price spike (and subsequent) the coin was about $ 0.40 USD.At the beginning of the day around 8.00 ET, they surpassed $ 0.50 USD and Up to $ 0.60 USD near 10:00 AM ET.
Update: Crypto trading is now fully restored. We know that some customers may have had inconsistent problems before. We will continue to monitor the situation closely and apologize if you are affected. Please contact us if you have any outstanding issues. https://t.co/adhugIHVGR
– Robinhood Help (@AskRobinhood) May 4, 2021
Users quickly voiced their frustration with the app on Twitter, seeing it was a recurring situation in January when Robinhood traded limited in bustling and soaring stocks, including GameStop and AMC in the app earlier this morning. This message prompts the user “We are having an intermittent problem with crypto trading. We are working to resolve this issue as soon as possible.”
Robinhood makes it easy for anyone to become an amateur trader of stocks or cryptocurrencies. But that also means that issues with Robinhood could have an impact on the markets, as it could be the only route many traders circling in bustling assets to buy or sell.
This marks the second stop of Dogecoin-related crypto trading in Robinhood in a matter of weeks.On April 16, Robinhood wrote that enthusiasm for Dogecoin caused “periodic crypto-order failures” at the time. The company said, “These interruptions are unacceptable for us”.
Robinhood is expected to go public later this year.