Robinhood Limits Cryptocurrency Trading Citing 'Extraordinary Market Conditions'

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

Jan 29, 2021, 1:23 PM

Updated Aug 19, 2021, 6:56 AM

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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.

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