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Robinhood Limits Cryptocurrency Trading Citing 'Extraordinary Market Conditions'
Users still have some crypto trading functionality, per a Friday report from CNBC.
Popular mobile trading platform Robinhood has limited its users cryptocurrency trading abilities, per a Friday report from CNBC.
STORY CONTINUES BELOW
- Citing "extraordinary market conditions," Robinhood said in a statement that "we've temporarily turned off Instant buying power for crypto."
- Traders can "still use settled funds to buy crypto," however, the spokesperson noted.
- Bitcoin soared nearly 20% in the past 24 hours, per market data from Messari, in part caused by social media attention after Telsa CEO Elon Musk changed is previously blank Twitter bio to a simple "bitcoin."
- Robinhood will be "monitoring market conditions and communicating with our customers."
- Bitcoin is trading hands just above $37,000 at last check.
This is a developing story and will be updated.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
