CoinMarketCap, a cryptocurrency market data resource owned by Binance, appears to be trolling Wall Street.
After a series of bizarre events in the traditional financial world this week involving Reddit, GameStop, and the international stock markets, CoinMarketCap has added a data line for ‘WallStreetBets’, adding a disclaimer: “Please note that this is a joke and no such asset exists. If you see similarly-named projects, please perform the requisite due diligence.”
Indeed, the bizarre events of this week have raised a number of important questions for regulators and trading platforms alike. For example, Robinhood eventually decided to halt trading and buying of certain stocks (if you have not heard about this already, we will get into that a bit later.)
The bizarre events of this week appear to have been a positive thing for crypto markets (at least, in the short term): crypto markets have added $140 billion to the sector’s total market cap overnight, once again surpassing the $1 trillion mark.
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.
Indeed, cryptocurrencies 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. 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.
Folks spent a decade saying Bitcoin was a scam.
Now they’re realizing they had their money parked in scams the whole time.
— Jameson Lopp (@lopp) January 29, 2021
At press time, the price of DOGE appeared to be correcting from the short-term pump that pushed the price to new all-time highs. While DOGE was still up roughly 250% in 24 hours, the price had decreased roughly 50% from its 24-hour high and appeared to be continuing along its way down.
Crypto Markets See Green across the Board
DogeCoin is not the only asset that seems to have been boosted by this week’s bizarre market events. At press time, Bitcoin showed a strong rebound from its dip to $30K with price levels around $36,000. Ethereum (ETH) was sitting comfortably at $1,360; all but two of the top 10 largest cryptocurrencies by marketcap showed net positive movement over the past 24 hours.
In any case, this tale is far from over. Check back with Finance Magnates to see what happens next.
Finance Magnates reached out to CoinMarketCap to discuss more about the intentions behind its ‘joke’ listing of WallStreetBets, but did not hear back before press time. Comments will be added as they are received. None of the material contained in this article constitutes investment advice.
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