Bittrex is working to ensure retail access to trading these stocks. Only in the pairs of GME against USD and bitcoin, more than 700,000 dollars moved to safer places.
The bitcoin and other cryptocurrency exchange Bittrex are jumping into a spiral of events that have shaken the markets in the last few hours, following a coordinated action that emerged in a Reddit community called WallStreetBets. Bittrex integrates trading stocks delisted from Robinhood and other platforms after shares in video game distributor GameStop (GME) escalated.
Through a press release, Bittrex Global claimed that shares of GME, the producer AMC Entertainment (AMC), BlackBerry (BB), Nokia Corporation (NOK), and the iShares Silver Trust (SLV) fund are available trades on its platform.
Also, about the trading pairs, Bittrex “will continue to add in the list additional stocks that other firms are excluding from their platforms,” the company’s text advances.
Ensuring Exposure to Retail Investors
The statement also establishes that the decision is looking forward to “ensure that retail investors have exposure to the shares they wish to trade at any time, on any day of the week.”
Referring to retailers in a market that has been a domain of large investors, Tom Albright, Bittrex CEO, said: “The current situation fuels the narrative that the financial system receives supplies against the small.”
This Bittrex announcement connects to the measure of companies such as Robinhood, Interactive Brokers, and Ameritrade, which nullified the possibility of buying some shares such as GameStop. These movements are a strike-back after the proliferation of the market movement that began in the r / WallStreetBets forum.
Only in the pairs of GME against USD and BTC, more than 20 bitcoins (about $ 740,000) were moved on the Bittrex tokenized shares platform.
A Brief Account of the GameStop and WallStreetBets Case
A coordinated effort among retail merchants from the Reddit forum led GameStop to a massive increase of over 1,700%, causing billion-dollar losses to investors with short positions or bets on the low GME.
The intention was to make a simple market move through coordination from every muscle of small investors. But there later was revealed in a letter that the plan had deeper roots and more extensive background.
The letter received the support of about 100,000 positive votes in the community. It alleged a matter of principle over economic interests. Among other things, it brings back memories from the financial crisis of 2008, during which mutual funds exited at the expense of millions of retailers who lost, in most cases, the savings of a lifetime.
Another result of the emergence of WallStreetBets has been the emergence of a larger movement, which began on Reddit, but has overwhelmed multiple instances of the digital world. Telegram and Twitter already have thousands of voices in favor of the action.
By: Jenson Nuñez
