05/08/2024: Robinhood Markets Inc. has temporarily halted its 24-hour trading feature due to significant market volatility, particularly in tech stocks and cryptocurrencies. The decision comes in response to substantial losses across various markets, with major tech stocks experiencing double-digit declines. For example, Alphabet, Amazon, Microsoft, and Nvidia all saw significant drops, with Alphabet falling 6.79% and Nvidia plunging 6.56% (Coinspeaker).
This suspension has caused widespread concern among investors, especially as it coincides with escalating geopolitical tensions, such as recent conflicts involving Israel and Iran. The trading halt, which some describe as a response to a "black swan event," has led to speculation about its implications for the broader market (Benzinga).
Robinhood's 24-hour trading, which was introduced to allow investors to trade stocks and ETFs outside traditional market hours, has been popular among users. On busy days, it accounted for up to 25% of the platform's total daily trading volume. However, the increased volatility and risks associated with after-hours trading have prompted the platform to temporarily cease this service to manage risks and protect investors (Robinhood Newsroom).
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