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    Robinhood suspends buying for GameStop following stonks going 'to the moon'


     

    The video game retailer had its own GME Army pushing the price of the stock to an all-time high before platforms stepped in. 


     

    Reports are coming in this morning that trading app Robinhood has
    suspended trading for GameStop stock and others after GME's price surged
    in a Bitcoin-like parabolic rally. 

    Unless you've been living under a rock, you'll know that average Redditors proved their investing power going up against major Wall Street traders
    short-selling GameStop stock. Largely fueled by small-time investors
    pushing back against large hedge funds, the price of the stock has risen
    more than 1,400% from roughly $20 on Jan. 12 to $358 at time of
    publication.

    Purportedly in response to the unprecedented trading
    action threatening hedge funds like Melvin Capital, Robinhood has
    suspended trading for stocks Redditors are pumping like GameStop, AMC
    Entertainment, and others. Yesterday, some brokers including TD
    Ameritrade restricted trades, while Nasdaq CEO Adena Friedman said that the firm would consider halting trading for similar stocks with “unusual activity.”

    The
    meteoric rise of a seemingly underappreciated financial asset like
    GameStop stock has led to many on social media comparing investing in
    the retail store to that of crypto, and the terminology and comparisons
    are coming along for the ride. Investors not typically associated with
    crypto have begun to use lingo unique to the space.

    News outlet Bloomberg Businessweek described GameStop shares going “to the moon,” while some Twitter users have speculated
    — perhaps jokingly — that the recent price surge could potentially
    bring down the entire financial system. Many crypto users describe the
    widescale adoption of Bitcoin (BTC) as ultimately having the same result.



    In addition, a number of Redditors on the WallStreetBets subreddit —
    where a large part of the movement to drive GameStop share prices up
    took place — have written topics imagining their success with traditional stocks will result in them buying
    a Lamborghini. “Wen Lambo?” has long been a phrase used to describe
    when a token or new project in the crypto space is worth enough for bag
    holders to afford the luxury car.



    Gamestop’s three-letter stock ticker — GME — is already being treated
    by many users as another cryptocurrency with its own fervent supporters
    and detractors. Already some are referring to the WallStreetBets
    Redditors behind the price surge as the "GME Army," in much the same way
    Ripple and Chainlink have their XRP Army and LINK Marines,
    respectively.

    The crossover into the crypto space is happening in more ways than just the lingo. Yesterday FTX announced it would be listing GameStop as part of the crypto exchange’s tokenized stocks program.

    Whether
    these crypto terms will stay isolated to interest in GameStop or filter
    more widely through the stonks community remains to be seen. Though
    many Redditors are seemingly still focusing on AMC Entertainment and
    Gamestop, some have now turned their attention to buying stocks for
    BlackBerry and Nokia.

    Redditors don’t seem to be deterred by Wall Street’s attempts to shut them down. There’s already talk of an “AMC Army” on the platform, and the price of the stock is still more than 200% what it was just two days ago. 

    source link : https://cointelegraph.com/news/robinhood-suspends-buying-for-gamestop-following-stonks-going-to-the-moon


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