Originally published on: August 05, 2024
Cryptocurrency trading platform Robinhood reassures users that its 24-hour trading service remains active despite recent reports suggesting otherwise.
A spokesperson for Robinhood confirmed to Cointelegraph that their overnight trading session is currently operational. Introduced in May 2023, the 24-hour market service allows customers to trade at their convenience from Sunday 12:00 am UTC to Friday 12:00 am UTC.
Rumors of a halt in 24-hour stock trading on Robinhood’s platform surfaced on Aug. 5, causing concern among users. Global markets analyst Jesse Cohen of Investing.com even likened the situation to significant stock market crashes in the past.
While Robinhood faced issues amid market volatility, other brokerages like Charles Schwab, Fidelity, and TD Ameritrade also reported outages due to the turbulent market conditions.
Amidst the global stock market chaos, Japan’s Nikkei experienced its most substantial decline since Black Monday, causing a ripple effect across global markets. The US stock market also plunged, with stocks like Nvidia and Apple losing value.
With over $1.93 trillion wiped out from the US stock market and concerns over an economic recession rising, industry experts are anticipating emergency rate cuts by the US Federal Reserve.
Despite the challenges in traditional markets, decentralized platforms like crypto markets continue to operate as usual, giving traders alternatives during times of market uncertainty.