How Robinhood halting GameStop trades led to DeFi and crypto recognitionBTC $34,400 (+0.4%) • ETH $1371 (+0.3%) • DOT $16.79 (-1.5%)
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Author: Atul Ajoy Robinhood’s shutdown of GameStop stock trading via its platform has led to a massive public uproar. As a beneficiary of this outcry, DeFi and crypto have gained the attention of politicians, retail investors, and entrepreneurs alike. Wall Street faces huge losses over GameStop stock rally On January 11, GameStop agreed to a deal with Chewy.com’s founder, Ryan Cohen, to add three Chewy.com veterans to its board as part of a plan to embrace eCommerce and had a subsequent 60% increase in stock price. Just 10 days later, on January 21, Citron Research and short-seller Andrew Left argued that they expected GameStop to drop in value. Around that time, a group of retail investors on the famous subreddit WallStreetBets noticed that the Grapevine, Texas-based video game retailer was short over 140% on its stock’s float. They began to buy call options on the stock and the stock began an unprecedented rally of roughly 1,500%. This led to two major problems for Wall Street. Ad 📈 Buy 80+ Different Coins at True Cost. No fees, No markups. 🔥 Trending Sectors
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2020 was the year of decentralized finance. It saw the rise of hundreds of DeFi apps, yield-farming tools, algorithmic stablecoins, and several other avenues revolving around one major theme: How to put one’s passive crypto holdings to generate even more crypto? Control your wealthAd: A trusted and accessible wealth management ecosystem powered by blockchain technology, SwissBorg puts your wealth back in your hands. 🗞 Got a story tip? Email tips@cryptoslate.com Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to the content within this article.
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