Robinhood ran into issues processing cryptocurrency trades this morning, throughout a spike in the price tag of Dogecoin that sent buyers flocking to the application. The website DownDetector demonstrates the outage beginning close to 9:30AM ET and minimizing in severity about an hour later. Robinhood verified that it experienced a “partial outage” in crypto trading and said the troubles had been resolved as of 11:15AM ET.
The outage was especially recognizable considering that it arrived during a spike (and subsequent dip) in Dogecoin costs. Coins ended up priced at all over $.40 USD at the starting of the working day. All-around 8AM ET, they spiked past $.50 USD and attained as substantial as $.60 USD around 10AM ET.
Update: Crypto buying and selling is now totally restored. We know some customers may well have skilled intermittent problems earlier. We’ll proceed to check the scenario intently and we’re sorry if you have been impacted. Be sure to get in touch with us if you have exceptional problems. https://t.co/adhugIHVGR
— Robinhood Assist (@AskRobinhood) Could 4, 2021
End users had been swift to voice their frustrations with the app on Twitter, seeing it as a repeat of the problem that occurred in January when Robinhood confined trading on buzzy, soaring stocks, which includes GameStop and AMC. In the app this morning, a concept told people, “We are suffering from intermittent concerns with crypto buying and selling. We are functioning to resolve this challenge as shortly as possible.” In the meantime, the selling price ticker on Dogecoin continued its quick flip up and down.
Robinhood has built it very uncomplicated for everyone to turn into an amateur trader of stocks or cryptocurrencies. But that is also meant that problems with Robinhood can impact marketplaces, since it could be the only route that a mass of traders circling a buzzy asset have to place a get or sell buy.
This is the second Dogecoin-relevant crypto trading outage on Robinhood in a issue of months. On April 16th, Robinhood wrote that enthusiasm for Dogecoin led to “sporadic crypto buy failures.” At the time, the business claimed, “These interruptions are not satisfactory to us.”
Robinhood is expected to go community later this year.