Bitcoin took a back seat as commentators continued to focus on developments with U.S. stocks GameStop ($GME), AMC ($AMC) and others. As Modern Consensus reported, $GME shot onto the mainstream radar after a Reddit subreddit, r/Wallstreetbets, collectively boosted its price by 1,700% in just over two weeks. Bitcoin proponents were hoping that traders would use their gains to fuel a fresh rise in BTC/USD.
Bitcoin fell below $30,000 support on January 27 as existing market trepidation grew thanks to a bizarre bull run in a single U.S. stock. BTC quickly lost steam during Wednesday trading, with highs of $32,860 swiftly flipping to daily losses of 11%.