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GameStop Stops Wall Street

Bitcoin momentarily dipped under $30,000 only to recover to $32,000. Who’s in charge of the market right now? The bears or the bulls?

An amazing case study in the power of the people happened this week as Wall Street shorters were caught by the shorts when a subreddit moved GameStop’s stock from $20 to over $400. And the powers that be have responded as heavy-handed as you would expect.

Major Universities are moving endowment funds into crypto. Perhaps our institutions of higher education are finally learning something?

A penny saved is no longer a penny earned, because that penny is worthless and less every year. But here in the Republic of Bad Cryptopia, a Satoshi saved is a Satoshi earned. So stack those sats and sat right there for our Bad News episode #482 of The Bad Crypto Podcast.

It’s been a difficult week for Bitcoin as the correction continues. The price is down about 12 percent over the last seven days. As Bitcoin dipped below the $30,000 support level, some experts suggested the bears are in charge. At least for now.

Other analysts are even less optimistic. David Puell, creator of the Puell Multiple, worries that a tax on unrealized gains and the approval of a Bitcoin exchange-traded fund could stop Bitcoin’s rise altogether one day. Marathon Patent Group, a mining firm, is doing its bit to keep the upward pressure on, though. The company recently bought $150 million of Bitcoin to boost its investment holdings. They join a bunch of Ivy League schools. Yale, Harvard, and Brown are all reported to be investing their endowments in cryptocurrencies.

But Bitcoin might face a new threat. Could the forum-fueled rise of meme stocks like Gamestop give Bitcoin some competition? Techcrunch thinks it might. Meanwhile, Reddit, whose forums started the whole thing, has announced that it’s partnering with the Ethereum Foundation. The platform is hoping to build scaling technology.

Video game stocks aren’t the only memes in town though. Bernie Sanders’ mittens have conquered the Internet, and now with the help of Topps and Wax, they’ve been preserved on the blockchain too.

Bernie would have to take his mittens off to use his iPhone but if he’s got crypto on it, it’s a sacrifice he’ll just have to make. Apple has just updated iOS to fix a vulnerability that could expose cryptocurrency wallets. And with his fingers free, Bernie could also use Signal. The private messaging app is said to be developing a cryptocurrency payments service. The Iranian government is reportedly trying to block the app.

In Panama, lawmakers are talking about cryptocurrency regulation, and in the United Kingdom, the governor of the Bank of England has said that digital payments are here to stay. Cryptocurrencies? Not so much.

If you want to visit any of these places though, you might just be using the blockchain soon. The International Air Transport Association is planning to roll out COVID passports that are built on blockchain technology.

While Bitcoin struggles with its floor, altcoins are doing well. Ethereum, in particular, has reached a record high, though if you’re looking to save fees, early morning and late at night seem to be the best times. Or you could try trading NFTs. An ultra-rare alien CryptoPunk has sold for 605 Ether. That’s more than $705,000.

Talking of crypto punks, the Commodity Futures Trading Commission has levied civil fraud charges against Jeremy Spence, AKA Coin Signals. The commission accuses Spence of defrauding investors out of more than $5 million worth of Bitcoin.

One way to avoid losing your Bitcoin to fraud is to boost your crypto knowledge. CoinMarketCap is making that easier than ever, and offering rewards for the process. The company is giving away $400,000 worth of $SAND tokens to people who watch its training videos. That’s one way to beat the bears.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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