GameStop short squeeze highlights the power of decentralization
What do the traders on r/WallStreetBets have in common with cryptocurrency traders? Both are using technological breakthroughs to skirt processes inherent in traditional financial systems. The success of the GameStop short squeeze in pumping the price above $370— and the reaction from centralized authorities and markets to it — has highlighted the need for decentralized finance, according to some in the crypto industry.The stock, which was trading at less than $20 per share earlier this month, was deemed by members of the r/WallStreetBets subreddit to be under attack by a hedge fund which....
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After beating Wall Street with its short squeeze of GameStop stock, the members of r/wallstreetbets should level up with Bitcoin. The post After GameStop Short Squeeze, r/Wallstreetbets Is Ready For Bitcoin appeared first on Bitcoin Magazine.
The bigwigs trading stocks on Wall Street have been upset this week as billion-dollar hedge funds have been crippled by Redditors and memes. Not too long ago, the firm Gamestop’s shares were plummeting, and Wall Street veterans lined up a mountain of short bets against the company’s stock. However, members of the Reddit forum called “Wall Street Bets” discovered the short positions, and subsequently turned things around by purchasing the stock and placing long positions on Gamestop’s shares. On Tuesday, Gamestop’s stock (GME) spiked well over 148%, as....
WallStreetBets traders coordinated buying of GameStop stock to squeeze short-selling hedge funds – but was that collusion?
The overextended stock market bubble was already close to bursting, but some recent turmoil involving skyrocketing GameStop shares and a Reddit-driven short squeeze might break the already thin ice. If this happens, and the stock market turns down in a big way while Bitcoin is on critical support, there could be another sharp plunge across the greater market. GameStop: The Short Squeeze That Rocked The Stock Market Legacy markets are in an uproar today, following […]
How many gallons of jet fuel does it take to send GameStop, Bitcoin and Dogecoin to the moon? Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday. Einhorn said Elon Musk and venture capitalist....