Today the Robinhood trading platform has faced technical glitches as a result of excessive demand for cryptocurrencies, an unprecedented incident.
Crypto trades were seen failing to be accessed starting at 10am and finally being completed two hours later. It is believed that it is due to the excessive demand for the crypto market, especially Dogecoin (DOGE) which jumped close to $ 0.30.
Since last week, the crypto market has seen some positive movements such as Bitcoin (BTC) which managed to break the $ 64,000 level. In fact, Coinbase's listing on the Nasdaq also led to a surge in the market.
While DOGE as usual came out fierce after the founder of Tesla, Elon Musk uploaded a tweet related to the shiba inu currency, causing a jump of more than 100% in 24 hours.
Robinhood had previously blocked DOGE trading on the platform on the grounds of ‘interfering with market movements’. The move has invited criticism from crypto investors who consider Robinhood does not want its users to trade on soaring assets.
Robinhood also today announced the Massachusetts Securities Division’s decision to revoke its license in the county. The revocation of the license would result in the firm failing to open the service to its users in Massachusetts.
As a result, Robinhood has filed a complaint and submitted a preliminary order to stop the change.
