FTX lists GameStop after Reddit-fueled 200% rally in two days
Reddit’s Wall Street Bets is beating hedge funds at their own game. Crypto exchange FTX has listed GameStop, the global videogames retail chain, after the stock became by far the most popular choice on Reddit’s infamous Wall Street Bets, a community dedicated to trading stock market options.The FTX listing on Wednesday morning allows crypto traders to get in on the action as well. The offering comes as part of FTX’s tokenized stocks program, which features both spot and futures markets for popular stocks and indices. This allows crypto traders to get exposure to stocks using crypto and....
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Following the Wallstreetbets saga last week, a great number of the popular shares being fueled by social media have started to tank in value. Gamestop shares dropped over 60% on Tuesday, while AMC dropped more than 49% shaking investors who bought into these stocks to the core. Meanwhile, a number of cryptocurrency advocates believe the only true way to stick it to the bankers and Wall Street is to leverage digital assets like bitcoin. Reddit’s Favorite Stocks Begin to Feel Pain Last week, news.Bitcoin.com published numerous reports on the fiasco that started on the Reddit forum....
GameStop comedown shows appeal of social media-fueled trading. Dogecoin chatter in Reddit reveals cryptocurrency analogue.
Dogecoin (DOGE) underwent one of the quickest bull runs in the history of cryptocurrency markets, rising by more than 1,100 percent in just two days as a Reddit group "SatoshiStreetBets" called on ordinary traders to buy the meme-based token.
A campaign by members of a Reddit investor forum have caused GameStop stock to spike to record levels in the last week.
GameStop brings forward the prospect of a paradigm shift that challenges existing regulations: decentralization. Though seemingly coming from nowhere for many, the themes behind the Reddit-fueled r/Wallstreetbets pump of GameStop feel familiar. Watching it unfold, I tried to figure out just why it had captured my interest to such a degree, and, to me, it was a spillover into the traditional markets of some pervasive themes driving crypto.Despite some competition in the narrative, I view the motivating force — and by it, I mean the social media-fueled spread of the message that drew enough....