Reddit investing group triggers crypto-style 860% rally in GameStop stock

Since Jan. 22 GameStop has been attracting a lot of attention from the mainstream news as the stock (GME) for the popular video game retailer rallied 860% from $17.40 on Jan. 4 to a high of $159.18 on Jan. 25.  On Jan. 25 GME pulled back 51.70% from its high to close the day at $76.79 but what lies behind the massive upsurge warrants closer inspection. While solid fundamentals often lead to price breakouts in both stocks and cryptocurrencies, the recent interest in GameStop appears to have more to do…

Thailand stock exchange to open digital asset trading… without crypto?

The Stock Exchange of Thailand, or SET, is planning to launch a digital asset trading platform in the second half of 2021, but it will not include cryptocurrencies. The headline in The Bangkok Post “Digital asset trade imminent” appears at first glance to be bullish for the industry in the region but the report notes the bourse does not want to include cryptocurrencies: “The SET says cryptocurrencies do not meet its product qualifications and could facilitate money laundering, while causing harm to the bourse’s image as a ‘high trust’ exchange.”…

CoinShares to launch $200m Bitcoin ETP on Swiss stock exchange

Digital asset manager CoinShares is launching a Bitcoin exchange-traded product, or ETP, on the SIX Swiss Exchange. According to a report from Bloomberg today, the Bitcoin ETP will go live on Switzerland’s principal stock exchange tomorrow under the ticker symbol BITC. Each ETP will be physically backed by 0.001 Bitcoin (BTC) — worth roughly $36 at the time of publication. The custodian behind the ETP will be Komainu, the custodian established by CoinShares in partnership with Japanese bank Nomura Holdings and hardware wallet manufacturer Ledger during June 2020. “A lot…

Bitcoin, Crypto ETPs Top German Stock Exchange Volume

Key Takeaways Continental European investors are showing a large appetite for Bitcoin and crypto exchange-traded products.  The BTCE index is the second-most traded product on the German Stock Exchange.  The most active ETPs on Börse Stuttgart this morning were all crypto-related.  Share this article The daily average trading volume for a Bitcoin ETP on Germany’s alpha exchange has surged to $69 million in January. This is the second-highest across the German market, according to data shared by Deutsche Börse.  European Investors Hedge With Bitcoin ETP BitcoinETC Exchange-Traded Crypto (BTCE) index…

Mark Cuban says crypto is ‘exactly like the internet stock bubble’

Billionaire entrepreneur Mark Cuban says the cryptocurrency market is “exactly” like the dot-com bubble of the late-1990s and early 2000s. His statement seems to signal that digital-asset valuations may implode once investor exuberance runs out.  “Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY,” Cuban tweeted on Monday before offering a silver lining to crypto enthusiasts. Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. I think btc, eth , a few others will be analogous to those that were built during the dot-com…

MicroStrategy stock finally takes a breather following massive BTC-inspired rally

Shares of MicroStrategy (MSTR), a business intelligence firm with considerable exposure to Bitcoin (BTC), declined sharply on Monday as profit-taking ensued following a parabolic rally over the past month. The stock touched an intraday low of $464.51 in New York trading, representing a decline of almost 13%. It would later pare losses to trade around $500 pe share. At current values, the company has a total market capitalization of around $4.6 billion. Last week, the stock peaked just below $512, marking a new all-time high.  MSRT went parabolic after CEO…

Bakkt crypto exchange to debut on stock markets through SPAC

The Intercontinental Exchange, the owner the New York Stock Exchange and institutional cryptocurrency exchange Bakkt, announced a deal that would see its crypto arm listed on the stock markets. As reported by the Wall Street Journal, Bakkt is set to merge with VPC Impact Acquisition Holdings, trading under the ticker VIH. VPC is a so-called Special Purpose Acquisition Company, or SPAC. It is a shell company whose only purpose is to buy or merge with another company and allow it to be listed on the stock markets without going through…

Greenpro Stock Price Leaps by 103% With Bitcoin Buy

Key Takeaways Business intelligence firm Greenpro has announced plans to create a Bitcoin investment fund. The firm intends to raise as much as $100 million for the fund, and invest its own cash as well. The plan resembles MicroStrategy’s earlier Bitcoin investment. Share this article Greenpro Capital Corp. plans to create a Bitcoin investment fund, as announced in a press release published today. Bitcoin Added to Balance Sheets CK Lee, CEO of Greenpro, says that the firm “fully believe[s] in $BTC as a store of value.” Lee says that he…

Mirror Wallet Launches Stock Trading App to Rival Wounded Robinhood

Key Takeaways Mirror Wallet allows retail investors around the world to access American equity markets. The wallet is built on top of Mirror Protocol, one of many emerging synthetic asset protocols. Attracting masses of amateur traders also comes with closer scrutiny from regulators. Share this article Mirror Wallet offers users exposure to 12 of the top American technology stocks. These synthetic assets allow anyone with an internet connection to buy and sell Tesla, Apple, Twitter, and many other stocks as easy as Robinhood.  Unlike Robinhood, however, Mirror is open to…

PayPal stock has surged 17% since enabling Bitcoin purchases

PayPal’s stock reached record highs on Monday, capping off a strong period of outperformance relative to the Nasdaq and broader U.S. stock market. Since Nov. 12, the technology-focused Nasdaq has gained around 6.5%. The broad S&P 500 Index of large-cap stocks is up 3.5% over the same period. PayPal stock’s 3-month performance by barchart.com Although PayPal’s foray into crypto isn’t the only catalyst behind its vast outperformance, the merchant processor is well-positioned to capitalize on the growing adoption of digital assets. Some analysts have even speculated that a higher Bitcoin…