Robinhood crypto trading crashed during a Dogecoin spike

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Robinhood bumped into points processing cryptocurrency trades this morning, during a spike within the value of Dogecoin that despatched customers flocking to the app. The web site DownDetector exhibits the outage beginning round 9:30AM ET and lowering in severity about an hour later. Robinhood confirmed that it skilled a “partial outage” in crypto trading and mentioned the problems had been resolved as of 11:15AM ET.

The outage was notably noticeable because it got here during a spike (and subsequent dip) in Dogecoin costs. Coins had been priced at round $0.40 USD originally of the day. Around 8AM ET, they spiked previous $0.50 USD and reached as excessive as $0.60 USD close to 10AM ET.

Users had been fast to voice their frustrations with the app on Twitter, seeing it as a repeat of the scenario that occurred in January when Robinhood restricted trading on buzzy, hovering shares, together with GameStop and AMC. In the app this morning, a message instructed customers, “We are experiencing intermittent issues with crypto trading. We are working to resolve this issue as soon as possible.” Meanwhile, the worth ticker on Dogecoin continued its speedy flip up and down.

Robinhood has made it extremely straightforward for anybody to turn into an novice dealer of shares or cryptocurrencies. But that’s additionally meant that issues with Robinhood can have an effect on markets, since it might be the one route that a mass of merchants circling a buzzy asset have to position a purchase or promote order.

This is the second Dogecoin-related crypto trading outage on Robinhood in a matter of weeks. On April sixteenth, Robinhood wrote that enthusiasm for Dogecoin led to “sporadic crypto order failures.” At the time, the corporate mentioned, “These interruptions aren’t acceptable to us.”

Robinhood is anticipated to go public later this yr.

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