Market Musings

Is GameStop About to Make a Daring Comeback? Robinhood Lifts Restrictions on Buying GME Shares

Published on:
February 5, 2021

Several Robinhood users have also claimed that they now have access to the instant deposits for cryptocurrencies again.

Table of Contents

Is GameStop about to stage a daring comeback?


On Tuesday, Robinhood announced that it is removing some of the restrictions that it had imposed on GME, which meant traders could only buy 20 shares.


Now, the controversial trading app’s users will be able to buy up to 100 shares of GameStop. However, once they reach this limit, they won’t be allowed to snap up anymore.


Restrictions on AMC Entertainment — another stock that was popular in the Wall Street Bets Reddit Group — have also been eased. Before Feb. 5, Robinhood traders were only allowed to buy 350 of these shares. This has now been boosted up to 1,250.


Interestingly though, the cap on Nokia shares remains unchanged at 2,000.


It’ll be interesting to see whether the relaxed rules have any impact on GameStop shares, which have crashed throughout the week.


After opening Monday’s trading at $316, GME has declined dramatically — and by the end of Thursday’s trading session, the stock was trading at just $53.50.


Several Robinhood users have also claimed that they now have access to the instant deposits again, meaning that they can buy cryptocurrencies without having to wait five business days for the funds to clear. This feature was previously suspended owing to volatility in the price of DOGE, which was fueled by tweets from Tesla CEO Elon Musk.


As reported by CoinMarketCap, the world’s richest man has raised eyebrows with his tweets about DOGE. Promoting the crypto to his 45 million followers on Feb. 4, he even likened himself to Rafiki in a Photoshopped image from The Lion King.


Clearly, we aren’t living in normal times right now.


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