Robinhood suspends buying for GameStop following stonks going 'to the moon'
The video game retailer had its own GME Army pushing the price of the stock to an all-time high before platforms stepped in. Reports are coming in this morning that trading app Robinhood has suspended trading for Gamestop stock and others after GME's price surged in a Bitcoin-like parabolic rally. Unless you've been living under a rock, you'll know that average Redditors proved their investing power going up against major Wall Street traders short selling GameStop stock. Largely fueled by small-time investors pushing back against large hedge funds, the price of the stock has risen more....
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Regulators want to know the details of the GameStop short squeeze. Robinhood CEO Vlad Tenev will reportedly testify before the United States House Financial Services Committee over the firm’s role in the volatile trading of GameStop and other volatile stocks.According to a report by the American political publication Politico, Tenev is expected to participate in a virtual hearing headed by Representative Maxine Waters (D-Calif.) on Feb. 18. Politico’s report cited anonymous people familiar with the matter.Waters officially announced the Financial Services Committee’s plans to hold a....
As the U.S. SEC looks into how Robinhood has handled GameStop trading, the platform has narrowed its list of restricted stocks. Troubled trading app Robinhood has been narrowing the list of restricted stocks on its platform but is still keeping major restrictions on GameStop shares. According to its website, Robinhood has lowered its list of restrictions to eight different stocks including GameStop, AMC, BlackBerry, Express, Genius Brands International, Koss, Naked Brand Group and Nokia. Robinhood previously limited trading for as many as 50 stocks on Friday, CNBC reported.As per the new....
The byzantine world of the public U.S. securities market killed the GameStop pump (sort of).
Fearing that recent delistings and volatility "undermine market confidence," the U.S. securities regulator says it is looking into the Robinhood fiasco. The U.S. securities watchdog is looking into the affair of Robinhood and the Redditors.At least in so many words. The Securities and Exchange Commission made a joint statement on Friday expressing concern over the "extreme price volatility of certain stocks’ trading prices over the past several days."Though the commission didn't use the words "GameStop," "Robinhood," or "Reddit," it's obvious that what the commission is talking about is....
Market mayhem continues as WallStreetBets takes on crypto. Stock and cryptocurrency-trading platform Robinhood has temporarily disabled instant deposits for cryptocurrency purchases as of Jan. 29, citing "extraordinary market conditions."Users are still able to buy cryptocurrency using settled funds that have previously been deposited, although such deposits can take up to five business days to clear.A Robinhood spokesperson told CNBC that the company would "keep monitoring market conditions and communicating with our customers.Robinhood has faced recent criticism for suspending trading in....