Robinhood suspends instant deposits for crypto purchases over DOGE spike

Market mayhem continues as WallStreetBets takes on crypto.

Stock and cryptocurrency-trading platform Robinhood has temporarily disabled instant deposits for cryptocurrency purchases as of Jan. 29, citing “extraordinary market conditions.”

Users are still able to buy cryptocurrency using settled funds that have previously been deposited, although such deposits can take up to five business days to clear.

A Robinhood spokesperson told CNBC that the company would “keep monitoring market conditions and communicating with our customers.

Robinhood has faced recent criticism for suspending trading in a number of traditional stocks, including GameStop, which were being supported by retail investors to the detriment of Wall Street hedge funds.

The suspension of instant buying power for crypto through the trading app comes hot on the heels of the same group of retail investors, led by Redditors from the r/WallStreetBets subreddit, pumping Dogecoin (DOGE) to surge 900%.

This has led to the meme-based coin re-entering the top ten digital assets by market cap for the first time since 2015.

Meanwhile, Bitcoin (BTC) has also been pumping, gaining $5,000 in a matter of minutes, following Elon Musk changing his Twitter bio to simply “#bitcoin.”

This story is developing and will be updated as more details emerge. 

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