June 19, 2021

Elon Musk, Wall Street Bets, GameStop, and Bitcoin to $38K: The Weekly Crypto Market Update

3 min read

This week will most likely decrease in history. Not for the cryptocurrency market but for Wall Street. Naturally, this does not mean that Bitcoin didn’t do its thing – – it did, and this time it was Elon Musk

accountable. First things first, though, a couple of days earlier, Redditors took Wall Street at its own video game. To be exact, Wall Street Bets, a group that took off in appeal on the online forum and quickly got countless fans, decided to open long positions on a tradition stock – – GME. This is the stock of the GameStop company. The factor? Well, it turned out that Wall Street hedge funds were extremely exposed to their short positions on the stock.

In a matter of days, the share rate rose by more than 600%, brief squeezing the hedge funds and causing billions of dollars of liquidations. This isn’t why today was so important, however.

In an attempt to spot the wounds, significant trading platforms such as Robinhood limited their abilities, prohibiting users to purchase more of the stock, permitting them only to offer. In a move that many think was to protect Wall Street, NASDAQ also stepped in and halted GME trading. No matter how all this pans out, the genie is out of the bottle, and it’s extremely fascinating to see how it will play out.

Now, back in the cryptocurrency market, lots of saw an option for all of the above – – decentralization avoids it. Nevertheless, an account on Twitter passing the handle ‘WSB Chairman’ asked if Dogecoin has actually ever been at $1. This was all people needed to begin purchasing it and the coin skyrocketed by more than 1000% in less than a day.

Simply today, Elon Musk, the CEO of Tesla and SpaceX, put Bitcoin as the only word in his Twitter bio. Needless to state, this sent its cost to the sky, as BTC got more than $6,000 in less than an hour before fixing to the levels it currently trades at.

As discussed above, today will definitely go down in history. How all of it plays out? We have yet to see, though it undoubtedly will be a sight to bear in mind.

Market Data

Market Cap: $1015B|24H Vol: 229B|BTC Dominance: 64.1%

BTC: $34,633 (+6.83%)|ETH: $1,325 (+8.28%)|XRP: $0.281 (+3.58%)

newsrecap_cover

From Billions in Losses To Political Speech: The GameStop Soap Opera Until Today. Countless users united behind the popular Wall Street Bets group took the shares of GameStop to the skies. In doing so, they damaged a few hedge funds and exposed the inherent issues that are rooted deep within the traditional monetary system.

Robinhood, Ameritrade Halt GME Trading as Former SEC Chair Weighs in. After Wall Street Bets users had the stock of GME surge by more than 600% and liquidating hedge funds at the same time, Robinhood and Ameritrade stopped trading in what appeared as an effort to avoid more damage to ‘wise cash.’

Nasdaq CEO Says They May Halt Trading in Case of ‘Increased Social Media Chatter’ Following GME Stock Fiasco. Following the GME stock fiasco, the CEO of one of the world’s largest platforms, NASDAQ, stated that they may begin stopping trading in case of ‘increased social networks chatter.’ This comes as an expected effort to secure financiers from widespread volatility that it might trigger.

Wall Street Bets ‘Chairman’ Tweet Sends Dogecoin (DOGE) Soaring 1000% in Hours (Updated). In another occasion associated to Wall Street Bets, the price of Dogecoin skyrocketed over 1,000% in hours after the group’s expected ‘Chairman’ tweeted about it. DOGE likewise became the most discussed cryptocurrency on social networks, surpassing the similarity Bitcoin and Ethereum.

Bitcoin’s Price Could Top at $300,000 if History Repeats: Analysis. According to a current analysis, if bitcoin is to repeat what it did back in time, this might simply be the beginning of a cycle that can take its rate to a top of $300,000.

Reddit Doubles-Down on Blockchain: Partners With The Ethereum Foundation. In a quote to enhance scalability on its platform and after launching Community Points for two subreddit groups, Reddit has actually partnered with the Ethereum Foundation to likewise enhance open-source development.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Stellar, and Uniswap- click here for the full price analysis.