CNBC reveals that Robinhood, a commission-free mobile investing and trading platform has now put a cap on its users’ crypto buying and selling activities effective from today, the 29th of January, 2021.
Robinhood said the rationale behind this move is “extraordinary market conditions,” adding that “we’ve temporarily turned off Instant buying power for crypto.”
The mobile investing outlet also added that its merchant participants can “still use settled funds to buy crypto,”
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This move comes regardless of the massive surge in the value of BTC by over 20% from $32k to over $36k from yesterday till today. At the time of writing this piece, the leading currency is being traded at over $37k. This sudden surge has been attributed to the social media attention that the leading currency got after Tesla’s CEO, Elon Musk, changed his Twitter bio to a word-“bitcoin.”
Robinhood notes that: “monitoring market conditions and communicating with our customers.”
What do you think of this move? Let us know in the comment section…