Gushiken Yona
Updated at 15.00 EST to include response from Robinhood.
A perfect storm of events rocked the financial world on Monday. A global market downturn, exemplified by the Nikkei 225’s historic plunge, sent shockwaves through global markets. Amid this turmoil, Robinhood, a popular online brokerage platform, reportedly halted its 24-hour trading service.
An image circulating on social media appears to confirm the suspension, with a message on the Robinhood platform stating, “The 24 Hour Market is currently unavailable.” While the exact reasons behind the halt remain unclear, speculations point to increased trading volume, risk management measures, or technical difficulties as potential culprits.
The crypto community is not happy about this. Crypto trader AshCrypto (@Ashcryptoreal on X), said, “ROBINHOOD HAS HALTED 24 HOUR TRADING ON ITS PLATFORM DUE TO HIGH VOLATILITY. THEY ARE NOT PROTECTING RETAIL THEY ARE SCREWING THEM.”
“All RobinHood investors should close their accounts immediately after they resume trading. These f*cking criminals could care less if you lose everything. The best way to get them back for this and the GameStop bs us for them to lose 99% of their members,” X user @RizaCityMeta chimed in.
Robinhood, a prominent player in the cryptocurrency market, holds a substantial portfolio diversified across several digital assets. According to data from blockchain analytics firm Arkham Intelligence, the platform’s top holdings include Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), Avalanche (AVAX), Chainlink (LINK), Uniswap (UNI), and Compound (COMP).
Related: Strategy Sells $1.4B in Stock to Cover Bills Amid Bitcoin Slump
When reached for comment, Robinhood confirmed to The Shib Daily that its overnight trading session is operational.
Bitcoin, the digital gold, forms the cornerstone of Robinhood’s crypto assets, accounting for approximately $7.69 billion of the portfolio. Ethereum, known for its smart contract capabilities, follows closely behind with a valuation of around $3.52 billion. Surprisingly, the massive holding of Shiba Inu, despite its lower price point, contributes significantly to the portfolio, totaling $546.86 million.
While these holdings represent a substantial portion of Robinhood’s crypto assets, the platform has also invested in a mix of other cryptocurrencies. Avalanche, Chainlink, Uniswap, and Compound collectively contribute over $200 million to the overall portfolio.
Related: The History of Altcoins: How Bitcoin’s Rivals Changed the Crypto Game
However, the broader cryptocurrency market downturn has inflicted significant losses on Robinhood. Bitcoin, the platform’s largest holding, suffered a loss of approximately $1.18 billion. Ethereum declined by around $882.83 million. Shiba Inu lost $106.96 million while other assets, including Avalanche, Chainlink, Uniswap, and Compound, also experienced losses totaling over $100 million.
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YONA GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
