Robinhood Crashes As Dogecoin Sees a Surge in Price

Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood’s trading app.

May 4, 2021 | AtoZ MarketsThe renowned investment application Robinhood was news today due  to  failures generated by the processing of their cryptocurrencies.

The frenzied appetite of investors for dogecoin, ethereum and other cryptocurrencies, led the company to generate technical problems in the crypto-trading market, something that alarmed its clients and investors.

Let's remember that the company has already presented these failures on several occasions so far this year, with two previous episodes in that 2021. The first of them occurred in January when Robinhood blocked the trading of volatile stocks including GameStop and AMC due to the frenzy of purchases triggered by the Reddit group and WallStreetBets.

Meanwhile, clients again experienced technical problems in April due to the increase of cryptocurrency trading volumes during a near 15% selloff in bitcoin (BTC).

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Today, the outage was caused by growing market interest in dogecoin (DOGE) and ethereum (ETH), after the former hit a record price of $0.60 on Tuesday.

Dogcoin Chart

On the other hand, ethereum (ETH), the second largest cryptocurrency in the world obtained today its tenth consecutive day of growth reaching a new all-time high price over $3,500.

After what happened, the company sent several messages to its clients via twitter where it said:

We're currently experiencing issues with crypto trading. We're working to resolve this as soon as possible.

Despite everything that has been presented with the Robinhood company, clients continue to use their investment mechanism and this  was the last tweet of the company:

Update: Crypto trading is now fully restored. We know some customers may have experienced intermittent issues earlier. We’ll continue to monitor the situation closely and we’re sorry if you were impacted.

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