Robinhood said the 24-hour business is ‘running at the moment’.
Amid reports that Robinhood has suspended 24-hour trading, the company said its service is currently intact.
“Our evening trading session is working,” a Robinhood spokesperson told Cointelegraph when asked to confirm or deny the suspension of 24-hour trading services.
The spokesperson did not respond to further questions about whether Robinhood has faced any platform issues amid market volatility and other details.
Introduced in May 2023, Robinhood's 24-hour market service allows clients to invest on their own schedule. The platform is available from Sunday 12:00 am UTC to Friday 12:00 am UTC.
Many Robinhood users have reported business interruption
In the year On August 5, several posters on X announced that Robinhood had suspended 24-hour stock trading on the platform due to high volatility in most equity markets and alternative assets.
“Robinhood has suspended 24-hour stock trading on its platform due to high volatility,” wrote Jesse Cohen, global market analyst at Investing.com.
“It feels like March 2020 or September 2008,” Cohen added, referring to the 2020 stock market crash and the 2008 financial crisis.
Other social media reports also suggested that Robinhood had suspended 24-hour trading due to high market volatility.
Rawsalerts has “suspended all 24-hour trading until further notice” at X at 7:00 AM UTC.
According to another post on Rawsalerts, Robinhood is one of the many brokers that have experienced problems due to the huge market volatility. Other companies reported to have experienced outages due to the market turmoil include Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink and others.
“Even if centralized platforms retain the power to stop on-demand trading, they cannot prevent crypto traders from entering the onchain markets, which continued to operate as intended during the market crash,” said Ran Yi, founder at Orderly Network. Cointelegraph. He added:
“True crypto doesn't have a switch: it's designed to work around the clock in both calm and chaos.”
Japan's Nikkei saw its biggest decline since Black Monday in 1987.
Robinhood trading halted amid global stock market carnage and Japan's Nikkei posted its biggest drop since Black Monday.
In the year On August 5, Nikkei shares fell an impressive 12.4% on average. This is the worst percentage performance of the Nikkei since Black Monday, the stock market crash in global financial history in October 1987.
U.S. stocks fell sharply on Monday, with Nvidia and Apple down 9 percent, as part of a global market selloff centered on fears of a U.S. recession.
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According to Fox Business, more than $1.93 trillion was wiped from the US stock market as the Nasdaq plunged more than 1,000 points. The best-performing Dow Jones Industrial Average was down 2 percent.
The latest stock market fall was in response to weak jobs figures in the US last Friday, which raised fears of a possible recession and prompted calls for interest rate cuts. According to some industry experts, an emergency rate cut is imminent despite the US Federal Reserve's decision to cut interest rates last week.
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