Robinhood app accused of blocking crypto trades after Elon Musk sparks Dogecoin frenzy

Dogecoin: Expert discusses Elon Musk’s tweets

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Robinhood dismissed accusations from users that it had interfered with trading as fake news but acknowledged there had been issues. The company said: “No, we didn’t place restrictions on $DOGE trading. This is false information. We were experiencing issues with crypto trading.”

No, we didn’t place restrictions on $DOGE trading. This is false information

Robinhood

Investors said Robinhood had stopped instant deposits for crypto purchases so they could only buy with funds already in their accounts.

Robinhood said it took the decision “due to extraordinary market conditions.”

By Friday morning UK time, the company’s status page said crypto trading was again operational.

And in its latest update it said: “Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading.

“We’ve resolved the issue and apologise for the inconvenience.”

Dogecoin’s rise has coincided with a surge of populism in financial markets around the world and a revival of interest in cryptocurrencies.

The world’s two biggest, Bitcoin and ethereum soared to all-time highs this week ahead of the stock market listing of Coinbase.

Dogecoin’s name and logo comes from the Shiba Inu dog in the “doge” meme that became popular on the internet in the early part of the last decade.

The crypto can be used for payments in much the same way as bitcoin but is far smaller and less well known or used.

The cryptocurrency, which first started up as a joke in 2013, now has a market cap of $33.4bn thanks to the recent surge and is among the top 10 most valuable cryptocurrencies when measured by market capitalisation.

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Its price surge began when billionaire Tesla founder Mr Musk started tweeting about it.

Mr Musk claims his frequent tweets about Dogecoin are jokes.

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