Investors on Robinhood were puzzled last night by what appeared to be a significant decrease in the value of Bitcoin (BTC) on the trading app.
Users on Robinhood could submit bids to acquire Bitcoin (BTC) at roughly $34,500 on the evening of February 25, around $4,000 less than the going market price of $38,500 at publication. Per a source familiar with the matter, neither of these directives have been carried out.
Robinhood took to Twitter to explain what had happened, stating that the exchange app incurred “a temporary issue that led to an incorrect display price for crypto for an hour at 6:50 pm PT.”
The Robinhood app experienced a temporary issue that led to an incorrect display price for crypto for an hour at 6:50 pm PT. The issue is now resolved. Some customers may have unfilled market orders due to this display issue. We apologize for any inconvenience caused.
— Robinhood Help (@AskRobinhood) February 25, 2022
Per the statement, the incident has already been fixed, however, users who attempted to carry out trades throughout that time were left with incomplete executions.
Users on Twitter were eager to shed light on the abrupt and inexplicable drop in Robinhood’s Bitcoin (BTC) price compared to other cryptocurrency apps and exchange platforms. Some users voiced their concerns that their purchases had not been executed.
During the last week, the price of the biggest cryptocurrency has swung dramatically from $34,500 and $39,500, with some blaming the ongoing volatility that resulted from Russia’s annexation of Ukraine and rising global tensions.