Review: When WallStreetBets Bitcoin, Ethereum, Dogecoin…

Review: When WallStreetBets Bitcoin, Ethereum, Dogecoin…


Reddit investor forum Wall Street Betswhich has helped fuel the trading craze among video game retailers Game Stops Stocks in early 2021, a ban on all cryptocurrency discussions reinstated less than 24 hours after admitting a crypto discussion thread with restrictions later that same year.

What happened: The ban was reinstated in April 2021 after a story from Bloomberg said that WallStreetBets bowed to the crypto wave.

“Because of the article written by @bloomberg who somehow felt that the crypto discussion ‘WallStreetBets Bows to Crypto’ is banned indefinitely. I have read many stupid articles written about wsb. This one takes the cake,” says a post by the moderator “bawse1” on the website.

See also: Robinhood Goes Beyond Trading: Launches Fiat-To-Crypto On-Ramp for Self-Custody Wallets

Why it matters: WallStreetBets gained attention as 2021 kicked off when forum-affiliated retailers increased shares of video game retailer GameStop and other heavily shortened stocks such as AMC entertainment to create a short squeeze.

See also: How to buy Dogecoin (DOGE)

Cryptocurrency as a topic was banned on the Reddit forum for several years because members didn’t want the focus to deviate from the discussion of publicly traded stocks.

That changed on Wednesday when the forum’s moderators said so would allow discussion At Bitcoin BTC/USD, ether ETH/USD And Dogecoins DOGE/USD — but no other cryptocurrencies — in a daily Crypto discussion thread.

The decision came after cryptocurrency exchanges coin base made its soaring debut on the Nasdaq stock exchange.

The world’s two largest cryptocurrencies by market cap — Bitcoin and Ethereum — had just seen all-time highs as this saga unfolded in 2021. Bitcoin reached a never-before-seen level of $64,863.10 this week and Ethereum hit an all-time high of $2,547.56. Dogecoin hit a all-time high from $0.2917, raised by the Buzz on social media around the then meme-centric cryptocurrency.

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