With digital-market traders taking GameStop’s stock gyrations as a moment for self-reflection, CoinDesk’s Market Daily is back with the latest news roundup.
Digital-market traders found amusement in the GameStop saga. They also saw an opportunity for self-reflection. Here's what Niall Ferguson, Caitlin Long, Mati Greenspan and Jonathan Mohan said.
“Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino. Anyways, Tax the Rich,” U.S. Representative Alexandria Ocasio-Cortez writes. (Twitter)
Market chaos fueled by bands of retail traders reportedly leads to counter-measures from Wall Street firms TD Ameritrade and Wells Fargo, as a spokeswoman for U.S. President Joe Biden says the new administration is “monitoring” the GameStop situation (CoinDesk)
“What seems to be unfolding here is a crypto-esque farce combining volatile trading and chatroom-driven tips reminiscent of cryptocurrencies like bitcoin and penny stocks, all in a market juiced by pandemic stimulus,” Lionel Laurent writes in column (Bloomberg Opinion)