In the darkest corners of Crypto Twitter, on the r/WallStreetBets Reddit page, across a myriad of Telegram chats and in Discord messaging rooms, thousands of inexperienced investors were being sold a promise: buy at this time and riches will follow.
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Markets Report: Elon Musk’s Bitcoin endorsement fizzles as Reddit takes on XRP, Dogecoin
Slow progress for Bitcoin even after an endorsement from Elon Musk allows two altcoins in particular to steal the show
With attention still on stocks and hedge funds’ decimation by retail investors, few factors were pointing to Bitcoin stealing the limelight. Even positive words from Elon Musk, who in an interview on Sunday said that he “supports Bitcoin” but has no opinion on altcoins, failed to rally the bulls.
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‘In retrospect, it was inevitable’: Elon Musk on Bitcoin
The tech mogul changed the status on his Twitter profile to the Bitcoin hashtag and published a cryptic but powerful endorsement of the world’s first cryptocurrency
After Musk tweeted his apparent hint at Bitcoin, the cryptocurrency suddenly and immediately rushed upwards—registering a nearly 17% increase in under one hour and taking BTC from $32,200 to just over $38,000 before the excitement faded, according to CoinMarketCap data.
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GameStop is DeFi’s golden moment
When Robinhood shut off its customers in what seemed to be a move to protect its hedge fund masters, the ‘little guy’ focused stock trading app opened the door to crypto’s decentralization
“This was a shot across the bow for institutional investors everywhere,” said Peter Smith, cofounder and CEO of the decade-old cryptocurrency exchange Blockchain.com. “There’s incredible power in decentralized groups of individuals and the future of finance will be built less like Wall Street and more like the internet: by a decentralized group of individuals.”
