Bitcoin price briefly shown at steep discount on Robinhood app

Traders on Robinhood were left perplexed by a seemingly steep discount in the price of bitcoin on the investment app yesterday evening. 

On the evening of February 25 Pacific Time (PT), users were able to place orders to buy bitcoin at around $34,500 — some $4,000 short of the prevailing market rate of $38,500, at the time of writing. 

But none of those orders have been executed, according to a person with knowledge of the situation.

Robinhood has since posted a statement on Twitter, explaining that the app “experienced a temporary issue that led to an incorrect display price for crypto for an hour at 6:50pm PT.”

The issue has since been resolved, but customers who tried to execute trades during that time have been left with unfilled orders, according to the same statement. 

Twitter users were quick to point out the sudden and unexplained dip in Robinhood’s bitcoin quote relative to its price on other crypto apps and exchanges, with some also expressing anger that their orders hadn’t been filled.

The price of the world’s biggest cryptocurrency has fluctuated wildly back and forth between around $34,500 and $39,500 over the past week, with some attributing its recent volatility to Russia’s invasion of Ukraine.