Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
mark cuban cryptowallet

The Robinhood, Reddit, and Dogecoin Crypto Saga

By Allen Taylor | Cryptocracy | 7 Feb 2021

You’ve likely heard the big news about Robinhood. If not, let me sum it up for you:

  • In December, GameStop stock was at $4.

  • Hedge fund billionaires began shorting the stock.

  • However, a group of Redditors decided to fight back and started buying shares in GameStop, driving the price up to $500. That sent one hedge fund billionaire on a rampage.

  • Robinhood subsequently halted trading on GameStop, and some other stocks, and that pissed off a lot of retail investors including famous YouTuber Philip DeFranco.

This is far from over, and you can bet that this brouhaha will lead to more innovation in decentralized finance. Meanwhile, the controversy spilled over into the crypto world.

Dogecoin Plays With GameStop’s Joystick

The same Reddit frenzy that drove GameStop to a high like no high before also put some fire into Dogecoin, which led to Robinhood temporarily restricting crypto trading. Major exchanges like Binance, Coinbase, and Kraken report not being able to handle the traffic the surge has caused.

Dogcoin and GameStop

Ripple Drags Bitcoin, Ethereum Into Wrangle With SEC

As you likely know, the U.S. Securities and Exchange Commission has sued Ripple and two executives for allegedly selling securities illegally. The case hinges on whether XRP should be considered a security or not. The SEC, obviously, is calling it a security. Ripple says it’s a utility token. As if a ready defense isn’t enough, Ripple is now asking the SEC to release documents related to bitcoin and ethereum for comparison.

Coinbase is Going Public, But Not With an IPO

The cryptocurrency exchange has opted to list directly with the SEC. It’s interesting that this news broke in the same week Coinbase had a technical issue that caused the site to go down temporarily.

Elon Musk Twitter Bio Leads to Bitcoin Surge

You might know Elon Musk as the eccentric billionaire who builds electric cars and leads the private market venture into space travel, but he recently cause bitcoin to surge simply by listing the #bitcoin hashtag in his Twitter bio.

4 More Things You Should Know About Crypto This Week

mark cuban crypto

This post was previously published at Cryptocracy.

How do you rate this article?


Allen Taylor
Allen Taylor Verified Member

Writer, editor, publisher. Content strategist for fintech, blockchain, and crypto firms.


Hot news and analysis from the world of cryptocurrencies. No hype, just the facts plus a little snark. Delivered from an award-winning journalist, former newspaper editor, and world-class content strategist.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.