- Robinhood has simply restricted cryptocurrency buying and selling as Dogecoin value exploded by 1,000%.
- The buying and selling app has been below loads of criticism currently after limiting purchase orders for GameStop.
- A well-known Reddit group named WallStreetBets boosted GameStop inventory to struggle shorts.
Robinhood, one of the crucial well-known buying and selling apps has restricted cryptocurrency buying and selling on Friday as the worth of Dogecoin exploded by as much as 1,000% and even Bitcoin spiked by 30% because of a tweet from Elon Musk.
Elon Musk modified his Twitter bio to easily #Bitcoin and adopted up with the tweet above. This made Bitcoin price spike by round 30%. Earlier than Musk’s tweet, the WallStreetBets Reddit group began to pump Dogecoin which positioned itself within the prime 10 of cryptocurrencies by market capitalization.
Following the numerous rallies, Robinhood formally introduced restrictions on cryptocurrency buying and selling stating:
As a result of extraordinary market situations, we’ve briefly turned off Immediate shopping for energy for crypto. Prospects can nonetheless use settled funds to purchase crypto. We’ll hold monitoring market situations and speaking with our clients.
If you wish to discover out extra about what occurred with GameStop and the quick squeeze brought on by WallStreetBets, read our article here.