Bitcoin ‘ascendant’ as GameStop saga unfolds, Bitfinex CTO says By CointelegraphFebruary 1, 2021
The sudden rise of stocks like GameStop (NYSE:) have shined a positive light on (BTC), as more retail investors look to “rail against” the financial status quo, according to Bitfinex CTO Paolo Ardoino.
Bitcoin’s price peaked north of $38,500 on Friday, just as U.S. stocks concluded their worst week of trading since October. The divergence between BTC and stocks was partly due to a massive short squeeze of institutional investors by a Reddit group called r/WallStreetBets. The Reddit buying frenzy was centered around GameStop, the video game and consumer electronics retailer.
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