Robinhood Limits Cryptocurrency Trading Citing ‘Extraordinary Market Conditions’

29 January 2021

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.

The leader in blockchain news, 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.