Robinhood Reports 'Partial Outage' For Cryptocurrency Trading On Its Platform

Commission-free retail brokerage Robinhood Markets Inc HOOD reported a "partial outage" on its cryptocurrency trading platform early Monday.

What Happened: According to a status update on Robinhood’s website at 12 p.m. ET, the platform is investigating an issue with cryptocurrency trading.

“We are experiencing issues with crypto trading. We are working to resolve this as soon as possible,” said Robinhood.

The website DownDetector suggests that issues on the Robinhood platform first began late on Sunday at around 10:30 p.m. ET.

Affected users took to Twitter to share their discontent with the app’s downtime.

So you now take credit with the “some exchanges but not Robinhood have halted trading on this stock” line - but you still refuse to be transparent about your shady crypto “exchange” practices? People deserve to know what the issue is if you obviously do too. pic.twitter.com/zbejRvrKoX

— 0xanthippe (@sanooura) September 27, 2021

Why It Matters: This isn’t the first time Robinhood has reported an outage on its cryptocurrency trading platform. Earlier this year, users ran into issues with crypto trades on Robinhood, coinciding with a sharp rise and immediate dip in the price of Dogecoin DOGE/USD.

At the time of writing, cryptocurrency markets were trading in green. Bitcoin BTC/USD was trading at a price of $43,800 gaining 5.89% over 24 hours, while Dogecoin was trading at $0.20, gaining 5.7% over the same period.

The total cryptocurrency market volume over the last 24 hours was $108.73 billion, marking a 10.45% increase in the past day. The industry’s overall market cap was back above $1.94 trillion at press time.

Price Action: Robinhood shares traded 2.24% lower during the pre-market session. The stock closed 3% lower on Friday at a price of $44.91.

Photo: Courtesy of Robinhood