Robinhood Limits Cryptocurrency Trading Citing 'Extraordinary Market Conditions'

Users still have some crypto trading functionality, per a Friday report from CNBC.

By Zack Voell

Jan 29, 2021 at 1:23 p.m. UTC

Updated Sep 14, 2021 at 11:03 a.m. UTC

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Zack Voell

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Popular mobile trading platform Robinhood has limited its users cryptocurrency trading abilities, per a Friday report from CNBC.

Citing "extraordinary market conditions," Robinhood said in a statement that "we've temporarily turned off Instant buying power for crypto."
Traders can "still use settled funds to buy crypto," however, the spokesperson noted.
Bitcoin soared nearly 20% in the past 24 hours, per market data from Messari, in part caused by social media attention after Telsa CEO Elon Musk changed is previously blank Twitter bio to a simple "bitcoin."
Robinhood will be "monitoring market conditions and communicating with our customers."
Bitcoin is trading hands just above $37,000 at last check.

This is a developing story and will be updated.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Zack Voell

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Zack Voell