Experts say the trading movement commenced by Wall Street Bets may increase implementation of ether and other cryptocurrencies. The second-largest cryptocurrency by market worth temporarily exceeded $1,500, reaching $1,500.63, in the early hours of U.S. trading on Tuesday, passing the former record price $1,459.93 last month. In recent trading, ETH was up 14.28% over the last 24 hours.
This came alongside unrest in the stock markets, where brokerage platforms like Robinhood have limited deals to harness instability promoted by Reddit-based retail traders organized buying in stocks such as GameStop. The retail turmoil provoked by Reddit forum Wall Street Bets compelled hedge funds to loosen short bets in GameStop, leading to a 1,700% price rise in the 17 days.
Crypto analysts think the limiting actions could bring more users into the DeFi (Decentralized finance) space, which is led by Ethereum’s blockchain.
Robinhood prevented trading of certain assets like GameStop and Nokia (NOK). Nasdaq President Adena Friedman asking for policies to stop retail investors from organizing on social media. Consequently, the case for cryptocurrencies just expands greater.
The appetite for implementation of bitcoin, ethereum, DeFi and Web 3.0 assets has been even more open.