12/26/2023 0 Comments Reddit dogecoin binance![]() “We now need to know more about decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” Ms. However, at the same time, some lawmakers are questioning whether or not trading platforms have the right to bar retail traders from taking specific actions on their exchanges at will: Representative Alexandria Occasio-Cortez (D-NY) wrote on Twitter that Robinhood’s actions were “unacceptable,” a sentiment that Senator Ted Cruz (R-TX) tweeted that he “fully agree” with. ![]() Alexandria Ocasio-Cortez January 28, 2021 We now need to know more about decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.Īs a member of the Financial Services Cmte, I’d support a hearing if necessary. They “are making no effort to conceal their apparent intent to manipulate the price of the stock,” he explained.Īdditionally, on Wednesday, Nasdaq Chief Executive, Adena Friedman told CNBC that the Nasdaq will make the decision to halt trading if they see correlations between social media chatter and an astronomical rise in a stock's price. Indeed, the events that surrounded the GameStop stock pump have had a number of implications for other trading platforms as well as the regulators that oversee them.ĭaniel Hawke, a former Chief of the Securities and Exchange Commission’s market abuse unit and current Partner at Arnold & Porter Kaye Scholer LLP, told the Wall Street Journal that: “if they are all egging each other on using a social media platform, they are effectively engaged in a crowdsourced pump-and-dump scheme.” Reddit Traders "Are Making No Effort to Conceal Their Apparent Intent to Manipulate the Price of the Stock" In fact, some analysts have even said that it could be that traders in the r/WallStreetBets group could be the target of legal investigations into market manipulation. While the move was drastic, a number of legal experts say that Robinhood’s fast and hard decisions were well within the company’s legal jurisdiction. We’ll continue to monitor the situation and may make adjustments as needed." "Starting tomorrow, we plan to allow limited buys of these securities. Robinhood's email message to customers (excerpted). The company also posted a blog post about the week's events. However, as Wired reported, “otherwise? No dice.” Robinhood has since sent a message to its users explaining that the move was temporary: "we temporarily limited buying for certain securities this morning," the message said. The company shut down buying and trading on these 'meme stocks', the company still allowed its users to sell the stocks, most of which still rank as some of the most widely held on the platform. ![]() Wired reported that the resulting effect “turned a snowball into an avalanche,” which evidence that some institutional traders may have also taken sides with the Reddit traders.īut eventually, Robinhood pulled the plug (a course of action that some memesters have described as ironic, coming from a platform that is named after a folk hero who steals from the rich to give to the poor.) The higher the price rose, the more that the investors who had shorted the price had to buy in order to cover their losses. a big welcome from Sherwood □- Robin Hood January 28, 2021 can we just check that you know that you’re following The World Wide Robin Hood Society in Nottingham and not the Robin Hood App. While this may have some truth to it, the events of this week may point toward another uncomfortable truth: traditional markets might not be any better. Read this Term are often spoken about as being easily-manipulated, highly-volatile markets with little to no safeguards in place against pump-and-dump schemes and other kinds of market manipulation in place. ![]() The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. Beyond that, as CoinMarketCap’s joke seems to indicate, cryptocurrency investors and platforms may be seeing a bit of hypocrisy when it comes to the ways that crypto markets are perceived compared to traditional markets.īy using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. ![]()
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