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Bitcoin May Emulate GameStop

January 30, 2021 at 15:32 by Ibrahim Anifowoshe

The recent success of GameStop at the stock market may soon be replicated by Bitcoin.

After a redditor found that Melvin Group Hedge Fund had bought billions in short positions against the gaming chain, he created a group asking fellow redditors to short squeeze the stocks by buying as much as everyone can. Following this crowd buying, GME stocks skyrocketed above $450 liquidating billions in short position.

Noticing this success, the crypto community joined in this crusade against the rich and bankers on Wall Street. Bitcoin has been functioning as a financial revolution against the wealthy established and flawed financial Institutions and infrastructure.

The sentiment continues

As a bunch of redditors and the retail market have rocked the entire Wall Street, the sentiment against the big guns could help create a bull run for the king cryptocurrency.

Elon Musk, the world richest man, whose tweet helped propel the GME stocks to gain nearly $4 billion in market cap also went for the necks of hedge funds and investors who claimed the GME price gain was market manipulation and betting.

The next day, on Friday, Musk changed his Twitter bio to Bitcoin showing support for the pioneer cryptocurrency. Many have claimed that this signified the entry of Tesla into the Bitcoin market. However, what’s most interesting is that BTC trading briefly jumped almost 20% to $38,200 in just an hour after the bio change. An over $6,000 surge.

At 15:15 GMT on Saturday, the price of a Bitcoin was trading at $34,089, losing 10% in the last 24 hours.

Elon Musk’s interest in BTC is widely known. He has also confirmed owning Bitcoin.

With all these, what is clear is that there is a surge in positive sentiment toward cryptocurrencies, especially Bitcoin. With Musk in the market, tweeting to his over 44 million followers, there’s more to unfold. Bitcoin may continue to enjoy this surge in the coming weeks if the “short the bankers” sentiment continues all over the market.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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