Robinhood LATEST: restrictions put in place

Posted:: Feb 01, 2021 13:41 Category: Online , Posted by Maria

Gamestop stocks have started surging again as Robinhood restored trading

The millennial-favored stock trading app Robinhood slimmed the restricted list from fifty to 8 in order to control what happened last week.

tweetThe company behind the popular stock trading has ever since been facing a lot of criticism as it was accused of discarding its stated mission of democratising stock investing. 

Following the latest imposed limits, Robinhood users are restricted to just one share of GameStop and up to 10 of AMC. The app has also restricted user access to the digital currencies on its platform.

A Robinhood Spokesperson said:  “Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto.”

The battle against Wall Street and greedy hedge funds rages on as the legalities of Robinhood and Wallstreet are formally being questioned as determined ‘Anti-Wall Street’ reddit traders push their agenda further.

What happened last week?

tweet2Reddit traders boosted the share price for a struggling video retailer, GameStop, from about $40 to almost $400 in a bid to make the hedge funds, who shorted GameStop, bleed.

In a reaction, the stock trading app Robinhood restricted the buying for GameStop stock to one share and five options contracts, and also narrowed trading restrictions to eight companies (including GameStop).

Numerous public figures and celebrities shared their views on the situation, condemning Robinhood and Wall Street.

Democrats in the Senate affirmed their disapproval and are seeking an investigation on the Robinhood app. In addition, AIBC’s guest speaker, Justin Sun, argued that Wall Street faces ‘Judgement Day’ as he invests $10m on GameStop in support of the movement.

This GameStop/Robinhood saga has resulted in fears of market disorders and fears that large hedge funds being forced to sell other positions in order to raise cash.

Now, Redditors have their sights set on silver, sending the price up by 10% to $29.74 an ounce.

Evidently, the internet has an agenda: debunk the myth of the “free market”.

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