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.
One investor has now filed a class-action lawsuit against Robinhood.
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.
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
Crypto crime has declined.
Bitcoin SV hit a new record in transactions.
40 percent of UK crypto investors are women, according to Gemini.
Mark Cuban exposes his crypto wallet and shows a list of shitcoins.
This post was previously published at Cryptocracy.