Cryptocurrency trading app Robinhood shuts down as Dogecoin drops 30%
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Answer Cryptocurrency trading app Robinhood shuts down as Dogecoin drops 30%
Thousands of Robinhood users were unable to access their accounts this morning, coinciding with the collapse of the digital currency “Dogecoin” by more than 38%.
After Elon Musk appeared on the TV show “Saturday Night Live” on Saturday evening, the price of Dogecoin dropped.
Despite the gains of Bitcoin and Ethereum, the digital currency “Dogecoin” experienced huge losses.
The anticipation of Musk’s appearance at SNL has excited investors in cryptocurrencies, including Dogecoin, which has seen a record high in the previous few days.
Elon Musk’s media appearance failed to keep up the hype around “DOGE” even though he called himself “The Dofefather” and mentioned “Dogecoin” on the show.
Read:Samsung Galaxy S10 now supports 32 cryptocurrencies, including Bitcoin
During his appearance, the Tesla CEO first mentioned Dogecoin 14 minutes into the show after he joked that he was giving his mother Dogecoin as a Mother’s Day gift.
Later in the same show, hosts Michael Che and Colin Jost asked Elon Musk to explain exactly what cryptocurrency is.
Musk said:
It is the future of the currency, as an unstoppable financial instrument that will dominate the world.
However, despite much publicity, Dogecoin saw the price quickly crash from $0.70 before diving further to around $0.40.
Robinhood platform crashes…again:
While hosting Musk, Robinhood users found that they were unable to access the trading app as the price started dropping.
With the price crashing further, more people were left unable to access their accounts.
The management of the “Robinhood” platform went to Twitter to relieve users, and published:
“We are currently experiencing issues with cryptocurrency trading.
We are working to resolve this as soon as possible.
Half an hour later, Robinhood tweeted that it was running backup and what happened is due to the large trading volume and volatility, some clients may see some intermittent issues.
Read:ZCash Project Launches One of the Most Important Updates to ZEC Cryptocurrency
However, this is not the first time that Robinhood users are not able to access their account and make any trades in a period of high volatility.
Just last month, Robinhood crashed when DogeCoin jumped 100%.
Prior to that, the Robinhood platform suffered a number of outages, coinciding with the rise in the value of Gamestop shares.
Right at 6 a.m. GMT, after nearly two hours of trouble, Robinhood reported the resumption of its service.
Read also:
What if US stimulus checks were invested in Dogecoin? How much will the return on investment be?
The broadcast of the awaited episode of the “SNL” program, starring Elon Musk, and the rapid impact of the “Dogecoin” currency.
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