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Crypto Market Fights Back, GameStop and AMC Crashes

Most of the stocks pumped by r/WallStreetBets are down to over 50% in the past five days. Meanwhile, crypto is having a moment.

The members of the WallStreetBets Reddit group are now getting a lesson in Newtonian physics: after wreaking havoc on the stock market, bringing several hedge funds to the verge of bankruptcy, and seeing their stock bets go up, but it is now all coming down.

Most of the stocks pumped by the WSB gang – for instance, GameStop (GME), AMC, and Nokia (NOK) – are now closing the day in the red, very dark, awful red.

If the rally returns, the traders can be on track of losing all of the gains acquired over the last few days after the spontaneous coordination of rushed purchases on GME.

The highlight of the show, GameStop, has lost 50% of its value in the last 24 hours and had fallen to around 83% in three days, from its peak of $483 to its lowest of $74 today. Since its low, the stock has “recovered” somehow to its current price of $118.

Another heavily pumped stock, AMC is also experiencing an atrocious week after its historic rally. The stock trades today near $7.80, for a total loss of 63% since its all-time high five days ago, and 20% losses in the last 24 hours.

BlackBerry and Nokia also reported significant losses, and the infamous silver squeeze seems not to have paid off, for the metal had fallen almost 10% in the last 24 hours.

According to billionaire NBA team owner Mark Cuban, the “Robinhood effect” had a lot to do with the results. Wall Street can be poised to win after Robinhood halted the trading of GameStop and other assets being pumped up by the guys at WallStreetBets.

“Supply and demand, but in this case, it literally could be because the source of demand has been crippled,” Cuban stated during an AMA (ask me anything) session on r/WallStreetBets. “When [Robinhood] shut it down, then cut it back, let’s put aside why they cut off the greatest source of demand. They created a Robinhood Dive. No [Robinhood] buyers, means sellers lower their price to find buyers,” he elaborated.

“And they keep on lowering it till they find buyers. Keep the most natural buyers out of the market and the price keeps on FALLING,”

mark cuban

Other crypto traders are now having a joyous day as most major coins today have been touched by the gods of the digital market.

The most important cryptocurrency in the market so far, Bitcoin rose over 6% in the past 24 hours. It is currently trading at $35,000, comfortably breaking through that $35,000 barrier that kept it trendless ever since the January 21 crash.

Meanwhile, Ethereum broke its previous all-time high price again today; it is now trading for $1,520. ETH bulls finally managed to push the coin high by 12% recently.

Other altcoins have enjoyed the same big boosts. Today, ADA conquered a price not seen since 2018.

The cryptocurrency bounced back to $0.466 because of the good news shared by its development team that the chain moves along smoothly. After a recent correction to $0.432, the crypto asset had brought a 27.3% gain in the same period of WallStreetBets losses.

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