What happened to GameStop’s stock at the end of January will be remembered by investors for years to come, as it was probably the first time in the history of the “free market” that a group of self-described internet “degenerates” outsmarted a bunch of Wall Street pros at their own game. As a recap, on Jan 27, when the Dow Jones Industrial Average fell sharply by over 2% — in large part due to the United States Federal Reserve announcing its move to maintain interest rates around the zero percent mark — shares of video game retailer GameStop (GME) and …

Was last week’s Reddit versus Wall Street stand-off really the “beginning of the end for centralized finance,” as Gemini founder Tyler Winklevoss described it? Or was it just a one-time instance of individuals coming together to right a perceived wrong — with no long-term economic consequences? As GameStop, a struggling videogame retailer, came under attack by hedge-fund short sellers, a coalition of individuals spearheaded by r/Wallstreetbets, a Reddit forum, jumped in to save GameStop by buying its shares, driving its stock price from $20 to as high as $483 — and doing some real damage to short traders in the …

Jumping on the r/Wallstreetbets subreddit for an "ask me anything" session recently, Dallas Mavericks owner Mark Cuban shared his thoughts on GameStop shorts, general investing and various crypto-related topics. The billionaire said “the game is changing” when it comes to stocks but encouraged the Redditors to look at Bitcoin (BTC) investors for guidance. “BTC HODLers are a great example to follow,” said Cuban. “Many bought at the highs in 2017 and watched it fall by 2/3 or more. But they held on because they believed in the asset. The same applies to stocks. When I buy a stock I make …

Trading app Robinhood may have put its plans for an initial public offering on hold after public opinion turned against the company in the wake of its response to the short squeeze on GameStop (GME). According to Fox Business Network’s Charles Gasparino, sources inside Robinhood say the company’s only focus is surviving the fallout from the drama it currently finds itself engulfed in, and will pause its plans for an IPO launch for now. SCOOP: Ppl inside @RobinhoodApp tell @FoxBusiness plans for an IPO are on hold to focus on surviving the current drama over trading of stocks and settlement …

XRP, the number-four cryptocurrency by market capitalization, crashed nearly 50% in under two hours on Feb. 1 as a trading frenzy backfired on new investors. XRP traders nurse 48% losses Data from Cointelegraph Markets and TradingView showed that extreme volatility set in for XRP/USD during Monday trading, hours after now-infamous Reddit group r/Wallstreetbets opted to buy the token en masse. After reaching highs of $0.75, losses began mounting fast, the downside accelerating until XRP bounced off lows of $0.39 — 48% beneath the top. At the time of writing, XRP/USD traded at around $0.45, with large swings still commonplace on …

The r/Wallstreetbets saga which saw a group of Redditors join forces to extract billions from Wall Street hedge funds is set to be turned into a movie. As reported by Deadline on Jan. 31, a newly proposed book by The Social Network author, Ben Mezrich, was subject to a bidding war between major Hollywood studios, with Metro-Goldwyn-Mayer winning out in the end. The project will reunite Mezrich with MGM producer Michael DeLuca, who also produced the Academy-Award winning film The Social Network, which told the story of the rise of Facebook founder Mark Zuckerberg. No details have yet been released …

Bitcoin (BTC) starts a new week with $30,000 intact and a message of support from the world’s richest man — what can we expect next? As trading resumes around the world, the largest cryptocurrency is still lacking decisive momentum up or down. Cointelegraph takes a look at five factors which could play a part in shaping Bitcoin price trajectory in the coming days. Stocks wary of "Reddit raiders" Equities began Monday with volatile behavior after seeing their worst performance since October last week. In what is likely to become a continued narrative, markets are still feeling the impact of a …

After gaining the spotlight due to a 980% pump on Jan. 28, Dogecoin (DOGE) briefly entered the top 10 ranking by market capitalization for the first time since 2015. Once the massive pump lost momentum and traders quickly took profits, it seemed that investors would move on past the meme-based cryptocurrency and find something else to invest in. The pump initially started when exchanges prevented retail traders from buying more GameStop and AMC stock on Jan. 28. Fueled by the Reddit discussion group r/Wallstreetbets, the army of investors turned their attention to silver and a selection of ‘cheap’ cryptocurrenceis. On …

One of the most well-known online Bitcoin communities passed two million subscribers in a surge of activity on Friday, purportedly due to the media attention over the r/Wallstreetbets subreddit. According to the Metrics For Reddit analytics website, the subreddit r/Bitcoin has 2,184,941 subscribers at the time of publication, making it the 178th most popular subreddit among more than 100,000 active pages. The Bitcoin (BTC) subreddit hit the two million subscriber milestone on Friday, more than 18 months after reaching one million. Though much of the growth in the subreddit following the 2017 bull run was gradual, interest in r/Bitcoin exploded …

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor's note “It was the best of times, it was the worst of times,” begins the most famous English-language story of the French Revolution. Though many would disagree with me, I would argue that neither is true of today. Maybe that’s why what passes for revolutions these days is so dependent on memes and lunatic viral conspiracy theories. That same memetic energy has brought together an unholy matrimony of anarchists, leftists, populists, jilted investment bros, Boogie boys and survivalists, AOC stans, …

Anyone who has been in the crypto space over the last few years will undoubtedly be familiar with Dogecoin (DOGE) and how social media activity drives its price action. A “fork of a fork” based on Litecoin (LTC), the coin has earned a unique reputation and a considerable cult status within the cryptocurrency space. Unlike other projects, Dogecoin has not seen any protocol upgrades or developments since 2015. Indeed, the success of DOGE derives more from the community-based efforts and the power of memes than from any tangible technical advancements. However, it would be incorrect to say the “coin” has …

Following numerous headlines about the meteoric price rise of several assets, including GameStop (GME), AMC Entertainment (AMC) stocks, and Dogecoin (DOGE), crypto exchange FTX has listed an index following the assets. FTX named the index after r/Wallstreetbets — the Reddit group thought to be associated with pumping the prices of those assets. “We're happy to announce that we have launched trading for a basket of Wall Street Bets markets,” FTX said in a public statement on Thursday. The index trades as a futures contract with expiration on March 26, 2021. When asked if the product is just a short-term offering …