The crypto community and the crypto industry is furious with Robinhood after the app stopped the support for GME purchases as we can see more in the latest cryptocurrency news.
Robinhood stopped supporting purchases of GME and now the crypto industry is furious with the company’s decision. This also created free advertising space for Defi. Robinhood stopped supporting purchases of the GME shares and along with the other tokens like BBY, NOK, AMC. This all happened when the stocks shot up in value to push higher the tones who frequent the WallStreetBets subreddit. Meltem Demirors, the chief strategy officer at Coinshares said:
“robinhood just de-listed $GME $AMC and $NOK. this is some clown shit.”
🤡 this is some clown shit 🤡
— Meltem Demirors (@Melt_Dem) January 28, 2021
Robinhood’s website stated that the company’s goal is to “democratize finance for all” and also believes the financial system should be built to work for everyone. For users in the decentralized finance industry, the position is at odds with Robinhood’s decision to suspend GME trading. Barstool Sports President Dave Portnoy initially stepped into the cryptoshpere and said:
“I will burn Robinhood to the ground if they shut down free market trading.”
I will burn @RobinhoodApp to the ground if they shut down free market trading.
— Dave Portnoy (@stoolpresidente) January 28, 2021
He also suggested that Robinhood has a choice:
“Either Robinhood allows free trading like they say they do or they die. It’s really that simple.”
— Elle Thompson (@l_e_thompson) January 28, 2021
The decision of the company to suspend purchases of GME represents free advertising for the DeFi industry as Eric Conner co-founder noted:
“We are getting the best DeFi ads for free.”
As earlier reported, On Wall Street, S&P500, The Dow, and Nasdaq were all down for what was seen as the biggest drop since October 2020. On the S&P500 communication, financial, healthcare and services were the biggest losers on the stock market. Maerck, Boeing, and Disney were the worst performers with 4% losses each. The Nasdaq was down 2.5%, Netflix 6.2%, PayPal 4.65%, and all big tech stocks being hit. The major talk on Wall Street is GameStop and its short squeeze of Redditors who brought it on on the hedge funds. A group on Reddit identified that a large hedge fund was shorting the gaming company to make a profit so the group of investors decided to enter the market and force the price of the stock up which left the hedge funds covering their losses of $100 million dollars
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