Crypto Daily News from ZBG Exchange

1. Crypto Long & Short: GameStop, Dogecoin and a New Market Paradigm

It’s hard to do justice to the symbolism and significance of the Reddit-Robinhood-GameStop drama of this past week.

That’s not to say it hasn’t been overblown in some quarters. I’ve heard it compared to the Capitol riots — no, that was sedition, this is rebellion, very different. I’ve seen calls for the regulators to step in and shut down retail trading platforms, even though it’s not clear a crime has been committed. And I’ve read takes painting the leaders of this charge as “misfits.” That condescension itself is part of the problem.

The protagonists are not misfits — they are retail investors flexing their collective muscle, the very same muscle the “establishment” encouraged them to develop.

2. XRP Posted Biggest Single-Day Gain in 3 Years in a Coordinated Buying Attack

XRP rallied hard on Saturday in a move similar to a crowd pump recently observed in out-of-favor stocks such as GameStop.

The cryptocurrency jumped 56% to $0.50944 to hit the highest level since Dec. 22, according to CoinDesk 20 data. That was the biggest single-day percentage gain since Dec. 21, 2017.

The double-digit price rise was likely fueled by members of a Telegram-based group called Buy & Hold XRP (+51.53%), which came into existence on Saturday. The group’s membership hit Telegram’s 200,000 ceiling within the first 24 hours, forcing a migration to a new official channel with a similar title but a different link.

3. Switzerland’s Crypto Broker AG Wins Securities House License From FINMA

Long in the making, Zurich’s Crypto Broker AG announced Monday it has been granted a securities house license by the Swiss Financial Market Supervisory Authority (FINMA).

Crypto Broker AG is part of a digital assets conglomerate that includes asset management and storage infrastructure services. The license means broadening the scope of its business and adding a rubber-stamp when it comes to compliance, risk monitoring, liquidity reporting and so on, said Crypto Broker CEO Rupertus Rothenhaeuser.

“Some of our client banks have strict orders only to trade with regulated partners,” Rothenhaeuser said in an interview. “Now it’s just a case of calling them up to tick a box and they can start trading.”

4. MGM, Winklevoss Twins to Make Movie About Reddit’s GameStop Investors Taking on Wall Street

Metro-Goldwyn-Mayer (MGM) is already set to make a movie telling the week-old story of a group of retail investors from social media platform Reddit who took on the financial might of Wall Street.

According to a report from Deadline on Sunday, MGM acquired the movie rights to a book proposal known as “The Antisocial Network” on Friday from New York Times best-selling author Ben Mezrich.

Winklevoss Pictures, founded by entrepreneurs and bitcoin (BTC, +0.13%) billionaires Cameron and Tyler Winklevoss, will executive produce the film, according to the report. Aaron Ryder — who produced “rrival” and “Donnie Darko” among others — has been selected to produce the new movie having signed a first-look film deal with MGM.

5. Bitcoin Falls Back to $32K as Elon Musk’s Bio Change Fades Into Memory

Even Elon Musk’s power has its limits, apparently, as bitcoin gave back all its gains from a nearly 20% pump that coincided with commotion over the tech mogul’s Twitter account.

Before the weekend, the Tesla CEO changed his Twitter account biography to read “#Bitcoin,” sending social media into a frenzy.

Coinciding with the hoopla, BTC (+0.67%) jumped from around $32,200 to above $38,400 in a couple hours.

Several hours later, however, the leading cryptocurrency started to drop, dropping below $34,000 on Friday evening. Through the weekend, BTC continued to trade below $35,000, dropping even further on Sunday.

At last check, BTC was trading at $32,831.88 on CoinDesk, up slightly from its 24-hour low of $32,229.55.

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February 01, 2021