Stock and cryptocurrency trading app Robinhood apparently re-enabled instant deposits for cryptocurrency purchases after almost a week.
Robinhood removed the original update on their support page suspended instant deposits, and their website currently shows that Certain users will again have “instant access” up to $ 1,000 to purchase crypto. Many users of the app also reported on social media that they were able to access the trading feature last night.
The “Buy It Now” feature is a payment feature that gives Robinhood customers instant access to funds from bank deposits and trades. Although users could still purchase cryptocurrencies with previously deposited funds, it can take up to five business days for these deposits to be considered. When it comes to trading cryptocurrencies, it can mean missing periods of volatility.
While small traders have access to this Robinhood function again, The price of the meme-based cryptocurrency Dogecoin (DOGE) has increased more than 50% in the past 24 hours, reaching $ 0.0475 at the time of this writing. The token should get an extra boost after the billionaire Elon Musk Publish the name of DOGE in a series of tweets this early in the morning.
Elon goes all out for Dogen pic.twitter.com/urQ6Q0R2tz
– Dan Held (@danheld) February 4, 2021
Robinhood is still under review after the investment app The purchase of GameStop stock and other stocks driven by retail investors from the r / Wallstreetbets subreddit last week has been suspended.
Since then, the company has reportedly suspended its IPO plans. Further, Legislators on the US House of Representatives Financial Services Committee will hold a hearing on GameStop’s actions on February 18, and Robinhood CEO Vlad Tenev is expected to testify.