Crypto Industry Capitalizing on Wall Street’s Losses Big Time, And Getting Rewarded
Crypto trading platforms see new user signups and increased traffic while exchanges like Bittrex and FTX list the stocks delisted on Robinhood. Blockfolio meanwhile announced both crypto and stocks trading with “no fees.”
As WallStreetBets and Wall Street suits’ battle intensifies, the crypto industry reaps the benefits while providing the perfect solution for retail traders.
Cryptocurrency trading platforms are enjoying a jump in traffic and user signups since Robinhood suspended trading on highly volatile assets, resulting from the platform having a cash crunch.
ATH everything, user sign ups, deposits, trades, system loads. Will recover soon. Funds are #safu!
— CZ 🔶 Binance (@cz_binance) January 29, 2021
Coinbase also saw its ranking on the App store jump about 45 spots suggesting increased retail activity. Voyager Digital meanwhile reported “100 new accounts a minute.” Others are reporting similar issues — heightened usage as the stocks traders jump on to the cryptocurrencies.
One of the biggest recipients of this interest was the meme coin Dogecoin (DOGE) that saw its value rising a whopping 1,128% to as high as $0.860. Currently trading around $0.047, the coin was recording more than double the volume at $28.4 bln than Bitcoin’s $13.78 bln earlier in the day. These gains helped DOGE become a $5.92 billion market cap cryptocurrency and climb the 11th place.
As we reported, WallStreetBets can pump this coin to $1. But before they could go all in, Robinhood suspended buys on every crypto asset. The zero commission trading platform halted trading on the cryptos — supported digital assets are Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) — along with GME, AMC, and others, which got it all started.
Sorry I missed your call, I was busy exposing Wall Street and watching Dogecoin moon.
— WSB Chairman (@WSBChairman) January 29, 2021
This has pushed traditional users towards the crypto market. Crypto exchanges have already been capitalizing on this, with FTX being the first one to do so. As always, the derivatives platform jumped on this opportunity by listing GME, AMC, and BB. The exchange took it further and introduced a special WSB index that included GME, AMC, SLV, BB, NOK, DOGE, and its native token, FTT.
It just didn’t stop there; FTX is ready to eat all this by announcing crypto and stocks trading with “no fees” on Blockfolio, which FTX acquired in a $150 million deal about six months back. The app has more than 6 million users, as per the official website.
Cryptocurrency exchange Bittrex also joined in as it announced, “We'll list every single stock that RobinhoodApp delists as a tokenized stock. Blockchain is the real way we democratize the financial system together.”
But this is just the beginning, and the market expects to see a herd of new investors joining the decentralized wave.