Stock and cryptocurrency trading platform Robinhood temporarily turned off instant deposits for cryptocurrency purchases effective January 29, citing “exceptional market conditions”.
Users can still purchase cryptocurrency with previously deposited funds, although redeeming such deposits can take up to five business days.
A Robinhood spokesperson told CNBC that the company “will continue to monitor market conditions and communicate with our customers.”
Robinhood was recently criticized for suspending trading in a number of traditional stocks, including GameStop, that were backed by retail investors to the detriment of Wall Street hedge funds.
The suspension of instant buying power for crypto via the trading app follows the same group of retail investors, led by Redditors from subreddit r / WallStreetBets, who are increasing Dogecoin (DOGE) to 900%.
This has resulted in the meme-based coin making its way back into the top ten digital assets by market cap for the first time since 2015.
Meanwhile, Bitcoin (BTC) has also pumped and made $ 5,000 in minutes after Elon Musk simply changed his Twitter bio to “#bitcoin”.
This story is evolving and will be updated as more details become known.