Robinhood Cryptocurrency Crashed Due to Spike In Dogecoin | Is There Any Effect In Cryptocurrency Market

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Robinhood Cryptocurrency Crashed Due to Spike In Dogecoin | Is There Any Effect In Cryptocurrency Market

Isha Dagliya

May 5, 2021

Robinhood Cryptocurrency Crashed Due to Spike In Dogecoin | Is There Any Effect In Cryptocurrency Market

Robinhood Cryptocurrency Trading Crashed During A Dogecoin Spike

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As soon as the sun rose, Robinhood users are having an issue trading with cryptocurrency. It’s frustrating that another trading platform got crashed. With this we say a surging rise in the price of Dogecoin, famously know as DOGE by Elon Musk.

Dogecoin experienced an enormous spike in price from about $0.005 in January 2021 to $ 0.53 on Tuesday. It hit a different record in cryptocurrency.

Even the newbies who don’t know anything about trading, with the urge of earning more. they all started using the Robinhood app for trading purposes mainly in cryptocurrency. It could act as an issue if the app keeps crashing like this from time to time. It would definitely have a severe impact on the stock market.

Robinhood later confirmed that it knows about a “partial outage” within the crypto commerce sector of its app. however the app aforesaid that there had been fixes around 9:11 a.m. MDT.

“Crypto commerce is currently totally reconditioned. we all know some customers could have been knowledgeable about intermittent problems earlier.

We’ll still monitor matters closely and we’re sorry if you were compact. Please contact North American country if you have got outstanding problems,” Robinhood aforesaid in an exceeding statement.

Dogecoin’s red-hot advance from around zero.002 cents a year agone — once it had been valuing regarding $300 million — has captured the interest of the many on Wall Street. It’s even caught the eye of the Federal Reserve — the central bank’s chairman last week answered “some of the plus costs area unit high” once asked if things like GameStop house.’s and Dogecoin’s supercharged rallies created threats to monetary stability.

As dogecoin’s fame is at its peak, the Robinhood app has become the top best downloading app on the Apple store. As it even allows amateurs to trade without any thinking.

While. Coinbase Global, the giant in the U.S. cryptocurrency that doesn’t allow trading in Doge coins saw a fall in its share of around 6%.

It is even excepted that Robinhood might go public at the end of the year.

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