- The trading app has come under a lot of criticism lately after limiting purchase orders for GameStop.
- A famous Reddit group called WallStreetBets boosted GameStop stocks to fight shorts.
Robinhood, one of the most famous trading apps, has restricted cryptocurrency trading on Friday as the price of Dogecoin skyrocketed by up to 1,000% and even Bitcoin skyrocketed 30% thanks to Elon Musk tweet.
Elon Musk changed his Twitter bio to simply #Bitcoin. This caused the price of Bitcoin to increase by around 30%. Before Musk’s tweet, the WallStreetBets Reddit group began pumping out Dogecoin, which ranked in the top 10 cryptocurrencies by market capitalization.
See Cryptocurrency Prediction: Elon Musk buys Bitcoin and triggers the next bullish move
After the important rallies, Robinhood Officially Announced Restrictions On Cryptocurrency Trading indicating:
Due to extraordinary market conditions, we have temporarily disabled the instant buying power for crypto. Clients can still use cleared funds to buy cryptocurrencies. We will continue to monitor market conditions and communicate with our clients.
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