Last week, the U.S. stock market has witnessed a legendary event. Almost everyone was talking about "GameStop", "Wall Street Bets" and "Robinhood". In this article, we are going to review the phenomenon and what it’s to do with the crypto market.
Let’s start with the largest battle with Retail Investors and Wall Street in history - WSB vs Wall Street Hedge Fund.
GameStop, a global video game retail chain, its stock became by far the most popular choice on Reddit’s infamous r/wallstreetbets, a community dedicated to trading stock market options.
Due to the same goal of battling with the unfair Wall Street hedge funds, vast numbers of people in the r/wallstreetbets in Reddit swapped tips and bought shares in GameStop together. The same goal of them is to make the Wall Street hedge fund account blow up.
Here’s a joke on Twitter.
Crypto exchange FTX soon listed GameStop in its tokenized stock program on 27th Jan. It allows worldwide traders to access more than a dozen equity and crypto pairings. The first available one is Tesla, followed by Apple, Amazon, Facebook, Netflix, Google, and now GameStop.
Now FTX is holding a new campaign, Get DogeCoin when you trade WSB markets, only 3 days left. You can invest in its new Wall Street Bets index, WSB-0326, which tracks the price of NOK, BB, AMC, GME, SLV, DOGE, and FTT using a weighted average of their prices.
If you’d like to participate in the revolutionary Wall Street Bets, don’t forget to get a $30 trading fee voucher here to boost your profits.
As the US is in the midst of a culture war, free markets are in desperate demand. When Robinhood halted the trading of stock, US citizens’ money is now possibly shifting to a more decentralized market, FTX and Mirror Protocol may be the choices for those Americans.
Marathon Patent Group, a crypto mining firm has purchased $150 million dollars worth of bitcoin as a reserve asset.
Marathon announced that it has purchased more than 4,812 Bitcoin for $150 million through the New York Digital Investment Group, an average price of $31,168 per coin. The CEO compared this Bitcoin purchase to companies like MicroStrategy.
Elon Musk has changed his Twitter page intro to #bitcoin. BTC price soars up over 18% in an hour.
Elon Musk’s attention pushed Bitcoin transaction fees to the highest levels in 2 years, which is also a new 2021 high. Average transaction fees for Bitcoin last Friday hit $17.206, according to data from BitInfoCharts.
A large number of transactions are still unprocessed. Both Bitcoin trades and demands remain high.
Twitter CEO Jack changed his Twitter page intro to #bitcoin, too.
Besides, he has retweeted a lot of bitcoin-related content recently. He announced on 14th Jan to create a decentralized social media platform on the blockchain, called bluesky.
More and more institutions and influentials have expressed their interests in Bitcoin. As another $2 trillion stimulus package looms in the U.S., will more institutions continue to look at BTC as a hedge against inflation?
The largest Bitcoin (BTC) and cryptocurrency asset manager in the world, Grayscale, registered new trust filings for Aave (AAVE), Polkadot (DOT), Cosmos (ATOM), Cardano (ADA) and Monero (XMR).
Grayscale’s decision to expand its cryptocurrency horizons perhaps was spurred by the price bull of DeFi market. $AAVE token price went up 240.4% in the past 30d.
Aave Protocol’s 30d volume increased by 13.37%. The total value locked in its smart contracts has exceeded $2.11B.
Mirror Protocol’s token MIR 7d price increased by 111.0%.
MIR token price is highly correlated with its on-chain data. Mirror Protocol’s 7d users experienced a 139.54% increase; its transactions increased by 161.56%.
What is $MIR? Actually, early on 21th Jan, Dapp.com has introduced how to stake Tesla stocks in Mirror Protocol and has taught our users how to farm $MIR. The price at that time was only $1.5, now goes up above $4.
Actually, many whales have shilled Mirror Protocol on social media recently.
Then why do those whales and dapp.com look so highly upon Mirror Protocol and MIR? How do we find it before the token price takes off? How to farm MIR token? Check out our Monday’s article: This DeFi Protocol Becomes Whales’ Next Target?
TokenSets have officially launched their Asset Management Suite on Set Protocol V2.
Set Protocol V2 is a protocol that enables anyone to create a tokenized basket (“Set”), accept user capital, implement a fee option, and access DeFi. Set aims to be the most trusted, safe, and full-featured asset management infrastructure for:
Developers/Asset issuers who want to create structured products or social trading businesses.
Investment professionals who want a low-overhead way to demonstrate a track record.
Individuals who want to launch a segregated DeFi product for their friends/family (and for potential tax-advantaged benefits — speak to your own CPA about this).
With Set Protocol V2, you’re able to create a set, accept user capital, make DEX trades, enact a fee option, participate in protocol governance, make margin trades, lending and yield farming.
We’ve introduced how to enlarge your interest by investing in ERC20 “BTC” tokens with TokenSets. The ETH WBTC Yield Farm runs from 25th Sept to 17th Nov 2020. The set portfolios automatically rebalance your crypto using the strategy you choose. It reduces your emotional risk from actively trading by letting the portfolio strategies do the work for you. What’s more, some of the top crypto traders and institutions have also created their indexes. You can explore and find the one with the most satisfying interest rate or the most profitable trading history.
Set Protocol’s data react actively to the launch. Its social signal sharply increased from 392 on 27th Jan to 2944 today. Its volume experienced a 25.70% growth in the past 7 days. The daily volume hit $4.92M on 26th Jan.