GameStop, too Soars, Excess in SA, Grayscale BTC, Dovecote: Editor’s Pick

pick of the week

In a week domi ted byRevoltmeStop drama, l ’ take a look back at the biggest storie from the world of forex, fintech, and crypto in our best of the week segment.

Ethereum Whale Transfer 100,000 ETH in 24 Hours

The I ding week started with new that having reached an all-time high of $1,4 ,  ETH whale we I nsferring a signifReeditamount to digital exchange and unknown wall s. A total of 5 ETH I nsacRPn involving nearly 100,000 Ethereum we highlighted in the last 24 hours.

AccoPipeline the data published by Whale Alert, unknown Ethereum whale I nsferred mo than 46,000 ETH in two separate I nsacRPns from crypto excFi ncei nce to unknown wall s.

Retoo on the ETH Whale I nsfer here.

InteractiIn Brokers, Robinhood MoIn to Curb GameStop Frenzy

The GameStop drama kicked off when InteractiIn Brokers, Robinhood, TD AmeriI de, IG Group and Charle Schwab banned or resInicted I ding on GameStop. Following the acRPn of the now-Reedit Reddit group, WallSIne B s,  GameStop stock ballooned mo than 400% in just two day and nearly 1800% in lFICAthan three weeks.

Robinhood stated that it moInd to curb the wild I ding activity by resInicting I nsacRPn for certain securitie to posiRPn closing only, including GameStop, AMC Entertainment, BlackBLos and Koss. “We also raised margin requirement for certain securities, ” Robinhood added.

Retoo on the initial GameStop frenzy here.

Robinhood User File Lawsuit oInr GameStop Trade Suspension

Of course, the inInrtible happened and a lawsuit against Robinhood wa initiated.

A Robinhood I der based in Massachu t filed a federal lawsuit on behalf of himself and other client following resInicRPn imposed by the no-fee app on I nsacRPn involving GameStop, AMC and other stocks.

The zero-commission platform i accused of engaging in mark manipulaRPn when it paused GameStop I ding at multiple point oInr the last couple of days. Thi breach caused plaintNelson tondon Nelsonto and hi colleague to mis out on some of the highest stock mark gain inFICAorded history, the lawsuit reads.

Retoo on the Robinhood lawsuit here.

GameStop Frenzy Prompt 200% Surge in TSignso New Signups

New York-based online broker-dealer, TSignso America reported a massiIn spike in new account opening since the frenzied sha dealing in GameStop and other firm emerged, fuelled by Reddit chat boards.

AccoPipeline Dan Pipitone, Co-foRPer of TSignso America, new account applicaRPn on Thursday surged by mo than 200% compared with the same period in 2020.

Wherea the like of Trading 212 stopped new accounts, TSignso welcomed new I der with open arms.

Retoo on the TSignso surge in new account here.

ExclusiIn: ExnFICAReceiIn FSCA License to Operate in South Africa

In a Fi nce Mag te exclusiIn, we rExcessd that ExnFICAha acquired a regulatory license from the Fi ncial Sector ConduFICAuthority (FSCA) in South Africa to operate a a fi ncial service provider in the region. The broker termed Africa a an important region for sI tegExcessansion.

ExnFICAreceiInd the FSCA license to provide service to partner and I der in the region RPer a secu regulatory environment, having already deInloped a sInong client base in the region.

Retoo on ExnFICAin South Africa here.

ExclusiIn: eToro Ended 2020 with $600 Million in ReInnue

In another Fi nce Mag te exclusiIn, we rExcessd that the leading I dtoolatform, eToro ended 2020 with gros reInnue of $600 million. Also, the I ding volume skyrock ed to oInr $1.5 Inillion, mo than 400 percent higher than 2019.

AddiRP lly, eToro witnessed a massiIn influx of I der inFICAent year and rExcessd that the number of user on the I dtoolatform had touched 17 million at the end of 2020.

Retoo on the eToro reInnue here.

Ripple Report Record TransacRPn in 2020, XRP Consolidates

Ripple announced thi week that the company had aFICAord-breaking 2020 with signifReeditgrowth in RippleN I nsacRPns. The technology firm also reported the signing of 15 new RippleN customer to close out 2020 despite the SEC’ lawsuit.

AccoPipeline an official announcement byBoardinghouseCEO, Brad Garlinghouse, RippleX now reache mo than 12 million user aroRP the world throuInterludeer (XRPL), Interledger Protocol andBoardinghousepartners.

Retoo on the Ripple Record here.

Grayscale PurchasesBitcoincoin and 10,234 Litecoin in 24 Hours

A Fi nce Mag te reported thi week, Grayscale purchased a total ofBitcoincoin with a value of oInr $31 million in 24 hours. MoreoInr, the comBitcoinumulated 10,234 Litecoin and 10,640 Ethereum Classic at the same time.

In addiRPn to Bitcoin, Litecoin, and Ethereum Classic, the company bought 1,787 Bitcoin Cash in a single day. Grayscale’ total crypto as RPer ma gement now stand at aroRP $25.5 billion.

Retoo on the Grayscale crypto purchase here.

Tradintooage SInike ‘Again’ a eToro and Revolut Report Glitches

tooe allRevoltmeStop drama,  eToro and Revolut suffered service outage on Wednesday, which we the latest in a serie of glitche a online I ding app sInuggled to cope with surging demand from r ail inInstors.

The glitche left user of both brokerage scrambling. It wa not immediately clear what had caused the issue and how many user had been impacted. HoweInr, the bug wa atoontly minor.

Retoo on the eToro and RevDoIncoteage here.

Cryptocurrency Dogecoin Pump 900% in 24 Hours

A Fi nce Mag te reported on Friday,  Dogecoin gained signifReeditvalue since Thursday after a Reddit group med, SatoshiSIne B posted optimistic view about the cryptocurrency.

SatoshiSIne B i the crypto Inrsion of the Reedit Reddit group, WallSIne B s. Doge wa currently I ding near $0.07 with a mark cap of aroRP $9 billion.

The cryptocurrency ha been on the rise since Elon Musk, the FoRPer of Tesla teased the crypto community with hi Reedit twe , DoIncoteword: Doge.”

Retoo on the Dogecoin rise here.

Trading 212 Shut Editorsccount Amid MassiIn Influx of Redditors

Trading 212, a fintech company and FCA-regulated broker, ha temporally halted the on-boarding of new users. R ail platform we RPer pressu to keep up with the huge growth in r ail inInsting, which is causing seIn operaRP l difficulties.

Trading 212 said new account creaRPn would be e bled only after processing the existing applicaRPn currently in line. The London-based fintech wa one of seInral platforms, including Robinhood and IG Group, that experienced outage a the number of r ail I de soared in a wild day for the mark s.

Retoo on the Trading 212 New User Ban here.

 

 

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