What a week in crypto! There was a full-blown rebellion against Wall Street by an army of Redditors. On the other side of the coin, Ethereum (ETH) finally broke the $1,500 handle.
And finally, the DeFi market is hotter than ever. There is a lot to cover in this week’s news roundup so let’s get to it.
Crypto Twitter Enraptured by Gamestop Stock Pump
Unless you’ve been living under a rock, you’ve probably heard of the recent short squeeze play on GameStop (GME). Redditors noticed a critical market evaluation flaw by venture firms who had overleveraged their positions.
Tired of repeated corruption, the Redditors decided they had had enough and bought GME stock en masse, causing the price to rise dramatically. This ended up costing hedge funds billions in losses.
Crypto Twitter took this uprising particularly hard. What seemed like a victory for the everyday trader turned into a nightmare when Robinhood and other apps suspended trading in certain stocks like GME, AMC Entertainment Holdings (AMC), and Nokia (NOK), to the benefit of shorters.
The saga continues, and Robinhood CEO Vlad Tenev will testify in front of congress about the affair. Will justice be swift?
Ethereum Celebrates New All-Time High After Three Years
Bitcoin (BTC) has taken off, doubling its previous all-time high to around $40,000 a coin. It was only a matter of time until ethereum broke out.
That day finally came, and although ETH has still not proportionally caught up to bitcoin, it appears the broader community has shifted its focus to the functionality of the smart contract platform.
This $1,500 price represents a substantial psychological level for ethereum traders.
DeFi TVL Breaks All-Time Highs, Surpassing $32 Billion
The final piece of news this week involves the innovative explosion taking place in the DeFi economy. Partially spurred on by the rising ETH price, TVL has surpassed $32 billion.
As it marches onward, more value was locked in DeFi over the last few days than the entire sector at the beginning of 2020. This hypergrowth coincides with some of the largest platforms, like Uniswap (UNI), MakerDAO (MKR), and Aave (AAVE).
Both UNI and AAVE are experiencing all-time highs across all metrics with no signs of slowing down. Tune in next week for another BeInCrypto Weekly News Roundup.
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