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Robinhood restricts cryptocurrency trading between Bitcoin and Dogecoin

The exchange had already done this with GameStop and AMC

After attracting a flood of criticism for his decision to limit purchases related to the shares of GameStop (GME) and AMC Entertainment Holdings (AMC), Robinhood has now decided to reiterate its conduct limiting the trading of cryptocurrency between Bitcoin e Dogecoin.
A decision destined to reinvigorate criticism of theexchange, precisely because of a conduct which in practice disproves the libertarian narrative on the desire to revolutionize finance which cloaks too many structures which, in practice, seem instead to be exclusively determined to favor their own profit. Even at the cost of denying themselves.

Robinhood - Robinhood restricts cryptocurrency trading between Bitcoin and Dogecoin

Robinhood: what happened

In the past few hours, Wall Street has been thrown into turmoil by the GameStop affair. That is the action carried out by a group of small investors referring to wallstreetbets, a forum operating on Reddit. They invited to buy the company's stock at a time when hedge funds had attacked it with copious numbers of short sales. Action that culminated in a real bloodbath for hedge funds, which left billions of dollars in the field.
A mechanism that others now intend to propose again on Dogecoin, pumping up the price to get it off the ground. Faced with a hypothesis of this kind, however, Robinhood has re-proposed limitations that had attracted great criticism.

Robinhood: the limits on trading between Bitcoin and Dogecoin

While the price of Dogecoin saliva of800% in a few hours, the exchange therefore decided to limit the possibility of trading on some tokens. As admitted by a spokesman for Robinhood, according to which instant buying power for cryptocurrencies has been temporarily disabled.
A thesis confirmed by some users, who denounced the obstacles in the way of their activity. However, the situation is not entirely clear, as according to other sources the restrictions in question are not yet in effect. In line with the chaos that seems to have hit the entire sector.

Elon Musk's tweet about Bitcoin

Meanwhile, Bitcoin has also entered a very special moment. Tesla CEO Elon Muskin fact, he changed the description of his Twitter profile to “Bitcoin”, causing a rise in BTC prices in the order of almost 20%. Which resulted in a sensational new loss of those who had played in the open against the cryptographic icon. Equal to about 420 million dollars, as revealed by the Bybt analysis site.
An event destined to create new hype and incentivize the analysis on markets that increasingly resemble a gambling den.

Confusion reigns

Before Musk carried out his operation, 62% of traders were "short" on the asset. Among those who have had the worst there are in particular those of Binance, who left over $ 100 million in the field, including $ 57 million in the first ten minutes after he changed his profile.
Binance has therefore suspended all withdrawals, in order to be able to face the large increase in requests from new unique users. While Coinbase is investigating a site outage that occurred simultaneously with the rise in Bitcoin and Dogecoin prices. However, he is not the only one to have stuck.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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