Robinhood reactivates crypto instant purchases, Dogecoin on the upswing thereafter
The reactivation of the feature favours an upswing in Dogecoin.
Controversial trading platform Robinhood is allowing crypto purchases again after barely a week.
The trading platform has removed a corresponding entry from its website, which had indicated that crypto deposits were temporarily shut down. So now crypto users can again deposit up to 1,000 US dollars for the immediate purchase of cryptocurrencies. Users of the Robinhood app have already confirmed that the feature is back.
The „Buy Now“ feature is a special feature of Robinhood that allows users to buy cryptocurrencies instantly via a direct deposit. The regular purchase of BitQT scam cryptocurrencies was still possible in the normal way, but it takes up to five days before the necessary money is deposited and released. This is not a good time for investors, as crypto prices are known for their volatility.
The reactivation of the feature coincides with a rise today in the „joke cryptocurrency“ Dogecoin (DOGE), which has gained more than 50% in the last 24 hours and currently stands at US$0.0475. The altcoin’s whopping upswing is probably due to the renewed support of Tesla CEO Elon Musk.
Elon has gone full doge pic.twitter.com/urQ6Q0R2tz
– Dan Held (@danheld) February 4, 2021
Robinhood is currently being watched with wary eyes, as the trading platform temporarily stopped buying GameStop shares last week
Many observers suspect that this was a kowtow to high finance, after private investors from the Reddit subforum r/Wallstreetbets had previously caused massive losses for hedge funds by buying this stock.
The platform has since put a planned IPO on hold. Moreover, Robinhood is now in the sights of politicians and regulators, which is why CEO Vlad Tenev will have to answer to the parliamentary finance committee on 18 February.