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Traders hoping to wake up to a return to some form of normalcy might have to wait until next week after Robinhood is temporarily suspending a popular feature among its cryptocurrency users.
What Happened: Robinhood users reported early Friday morning they couldn t use instant deposits for crypto purchases. This means that users can only buy cryptocurrencies with cash that was already deposited in their accounts.
Robinhood s Instant Deposits feature fronts customers up to $1,000 until their pending deposit clears. Due to extraordinary market conditions, we ve temporarily turned off Instant buying power for crypto, a Robinhood spokesperson told CNBC.
Customers can still use the cash already settled in their account to trade as normal.