Amid reports suggesting that Robinhood halted its 24-hour trading, the company has declared that the service is currently intact.
“Our overnight trading session is currently operating,” a spokesperson for Robinhood told Cointelegraph when asked to confirm or deny the 24-hour trading service halt.
The spokesperson did not answer further questions about whether Robinhood experienced any platform issues amid market volatility and other details.
Introduced in May 2023, the Robinhood 24-hour market service allows customers to invest on their own schedule. The platform is available from Sunday 12:00 am UTC to Friday 12:00 am UTC.
Multiple Robinhood users reported trading suspension
On Aug. 5, multiple users on X claimed that Robinhood suspended 24-hour stock trading on its platform amid massive volatility across most equity markets and alternative assets.
“Robinhood has suspended 24-hour stock trading on its platform due to elevated volatility,” wrote Jesse Cohen, a global markets analyst at Investing.com.
“Feels like March 2020/Sept. 2008,” Cohen added, referring to the stock market crash in 2020 and the financial crisis of 2008.
Other social media reports also suggested that Robinhood halted 24-hour trading due to huge market volatility.
“They have suspended all 24-hour trades until further notice,” Rawsalerts posted on X at 7:00 am UTC.
According to another post by Rawsalerts, Robinhood is just one of many brokerages that have faced issues due to the massive market volatility. Other firms reportedly facing outages due to the market turbulence include Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink and others.
“While centralized platforms retain the power to halt trading on a whim, they can’t prevent crypto traders from accessing onchain markets, which have continued to operate as intended during the market crash,” Ran Yi, co-founder of Orderly Network, told Cointelegraph. He added:
“True crypto doesn’t have an on-off switch: It’s designed to operate around the clock through calm and chaos alike.”
Japan’s Nikkei sees the biggest drop since 1987 Black Monday
The alleged trading halt on Robinhood came amid carnage in the global stock market, with Japan’s Nikkei seeing its most significant decline since Black Monday.
The Nikkei share average shed a staggering 12.4% amid recession fears on Aug. 5. It was the Nikkei’s worst performance in percentage terms since Black Monday, the worst stock market crash in global financial history, which took place on Oct. 19, 1987.
United States stocks also fell sharply on Monday as part of a global market sell-off centered around US recession fears, with Nvidia and Apple tumbling 9%.
Related: Crypto products shed $528M amid recession fears — CoinShares
According to Fox Business, over $1.93 trillion was wiped out from the US stock market on Monday as the Nasdaq dropped over 1,000 points. The Dow Jones Industrial Average, which had been outperforming, fell 2%.
The latest stock market crash came in response to poor jobs figures in the US last Friday, which triggered concerns over a potential economic recession and calls for an interest rate cut. According to some industry insiders, emergency rate cuts are coming soon despite the US Federal Reserve reportedly deciding against cutting interest rates last week.
Trading volumes for Bitcoin (BTC) exchange-traded funds (ETFs) surged past $1 billion at the start of trading on Aug. 5, as crashing markets triggered “extremely elevated” trading activity across crypto, Alex Thorn, head of research at asset manager Galaxy Digital, said in a post on the X platform.
After only 20 minutes of trading, Bitcoin ETFs have clocked more than $1.3 billion in trading volume, with iShares Bitcoin Trust seeing the highest churn at upward of $875 million, according to the post.
Thorn expects BTC ETFs to see net inflows from “dip buying” as investors clamor to take advantage of a roughly 8% drawdown in spot BTC prices since Aug. 4. The downturn was led by Ether (ETH), which dropped upwards of 21% after funds including Jump Trading and Paradigm VC sold hundreds of millions of dollars worth of Ether, according to an Aug. 5 report by QCP Group.
Markus Thielen, founder of 10x Research, told Cointelegraph he expects new crypto investment to slow down until the market settles:
“The market structure, including fiat-to-crypto on-ramps, has been weak for months […] it’s unlikely that significant players will invest amid high volatility and unpredictable prices. Many still need to exit positions and deleverage their portfolios.”
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