Editors look at Crypto, not GameStop amidst market volatility

Alongside the meteoric rise in “ meme stocks '' earlier this year, the editors of the cult finance sub-series WallStreetBets (WSB), which attracted mainstream attention, are looking elsewhere for their financial advice – at least to some extent. Decide by the number of user comments. in the last three weeks. Meanwhile, the popular r / Cryptocurrency subdirectory gained popularity with review volumes increasing by 82% between May 1st and May 21st, according to data from research firm Quiver Quantitative. “Investors still love stocks,” Steven Sosnick, chief strategist at Interactive Brokers, told the Financial Times. Crypto was a purer expression of mem trading. It took a lot of power to speculate on stocks and options. For the crypto subdirectory, the record 59,000 comments in a day fell on May 19, the same day Bitcoin fell below $ 40,000 for the first time in three months. Two days later, r / Cryptocurrency received nearly 36,000 reviews a day, while the number of reviews on WSB dropped by 42% to just 13,000 over the three-week period. James Kardatzke, founder of Quiver Quantitative, said the r / Cryptocurrency controversy is "on the rise". The WSB made headlines in January 2021 after a group of day traders came together to raise GameStop's price by more than 1,000% in just two weeks. The infamous short squeeze bankrupted some hedge funds and even destroyed the popular online brokerage app Robinhood. Redditors Pump GameStop stopped trading due to Bitcoin-like fluctuation. At the top, WSB received more than 430,000 responses in one day. Managers argued that digital assets were "prone to fraud or pumping and dumping schemes" as the reason for the ban. They finally changed their position in crypto in April and decided to "allow discussion.

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