After crowing of a blockbuster first quarter growth in crypto trading, it would appear Robinhood is struggling to cope as for the second day in a row, the app-based brokerage is "experiencing issues".
We’re currently experiencing issues with crypto trading due to unprecedented volumes and are working to resolve them as soon as possible. For the latest, please check our status page https://t.co/hS5J5eu1GV— Robinhood (@RobinhoodApp) April 16, 2021
This also happened yesterday...
We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/hS5J5eu1GV.— Robinhood (@RobinhoodApp) April 16, 2021
Last week, the company reported that 9.5 million users traded digital assets on its platform during the first quarter of 2021, a sixfold increase from the previous quarter.
Robinhood provides commission-free trading for several major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC) and Ethereum Classic (ETC). It provides real-time market data for nearly a dozen more digital assets.
However, this morning, users are seeing the following message: "XXXXXX trades may not execute right now."
@RobinhoodApp has GOT to be the most janky exchange around. Only selling point is the ability to move from stock to crypto on the same platform. They gotta get their shit together. “Trades may not execute right now.” That’s literally your only purpose, Robinhood. $ETC $DOGE pic.twitter.com/v1ic71c2iV— Sleve McDichael (@ZombieKyleV2) April 16, 2021
Perhaps it is the utter chaos that is occurring in DOGE...
As Decrypt notes, Dogecoin (DOGE), the so-called "joke" cryptocurrency invented as a riposte to Bitcoin (BTC), is up more than 225% in the past 24 hours, and now has a market value of more than $54 billion, according to data from Nomics.
In contrast to Dogecoin, Bitcoin fell by around 4% to $60,712 in the same time period, after Turkey’s central bank banned cryptocurrency payments. DOGE is now worth $0.42, up more than 5,000% in 2021, putting Bitcoin's seemingly impressive gains (797%) in the same time frame in the shade.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL— Elon Musk (@elonmusk) April 15, 2021
The latest pump boosts Dogecoin to the fifth-largest cryptocurrency by crypto market capitalization, and may well have contributed to the major outage on the Robinhood trading platform.
Users are unhappy...
F***ckkkkk ROBINHOOD!!!! It executed an canceled trade & won’t let me buy or sell now at all, trying to the order for 10-15 mins now, took pics of it all but WTF??? Will I get my money back???? #Crypto #doge #Robinhood #RobinhoodApp #Altcoins #cryptocurrenices #DOGE #dogearmy— CammiFoxx (@CammiFoxx) April 16, 2021
And of course we can’t transfer crypto out of robinhood 😤😒 https://t.co/ogKL8j5ZHE— C (@xoQueen_Beexo) April 16, 2021
How long before Robinhood bans DOGE trading?