Business & Finance Jan 29, 2021 2:10 PM EST

Robinhood restricts crypto trading 'due to extraordinary market conditions'

Crypto trading has been restricted on the Robinhood investment app as of Friday morning as the price of Bitcoin and another meme-inspired tokens rose drastically.

Robinhood restricts crypto trading 'due to extraordinary market conditions'
Elie Cantin-Nantel Ottawa, ON
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Crypto trading has been restricted on the Robinhood investment app as of Friday morning as the price of Bitcoin and another meme-inspired tokens rose drastically, CNBC Reports.

Users of the app began reporting that instant deposits for crypto purchases had been halted, which meant users would only buy the currencies with funds that they already had in their accounts and could not add more funds to enable more purchases.

Robinhood says that such deposits can take up to five business days to clear, and in a statement to CNBC, added "Due to extraordinary market conditions, we've temporarily turned off instant buying power for crypto."

"Customers can still use settled funds to buy crypto. We'll keep monitoring market conditions and communicating with our customers."

The news comes a day after the app came under immense scrutiny for blocking the sale of GameStop, AMC, and other  other stocks which were made popular by WallStreetBets Subreddit groups.

Cryptocurrencies like Bitcoin and Doge, a popular coin based on the popular "doge" meme, had sharp spikes, with the doge coin rising as much as 800 percent.

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