• About Us
  • Privacy Policy
  • Contact Us
CryptoInfonet
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Regulation
No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Regulation
No Result
View All Result
CryptoInfonet
No Result
View All Result
Home Market

After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next

January 30, 2021
in Market
0
After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next
Discover This New Unique Trading Pattern This Powerful Tool Spots Over And Over Again With Precision Accuracy. You Could Double Or Triple Your Account This Year With These Signals!
Click here
to sign up


Rallies in GameStock (NYSE: GME) shares as well as dogecoin (DOGE) and bitcoin (BTC) are piquing the betting interest of traders in China as much as they are in the United States.

On Weibo, the popular social media platform in China, the highly active crypto community is speculating on which cryptocurrency will be next to get a major pump after dogecoin and bitcoin jumped in recent days.

“Were it not that Ripple was struggling with its lawsuit, the next token being pumped by the retailers in the U.S. could have been XRP,” according to one Weibo account holder with nearly 40,000 followers. “Many newcomers to crypto only look at prices and names, and they do not care how many times this particular token has taken away people’s money or whether it is highly centralized.”

Source: Weibo

“It might be a good time to look into tokens that’re associated with XRP the most,” the post then continued, which was followed by several responses asking whether Stellar lumens (XLM) would be the next token to pump. Prices for XLM were trading at $0.304 at press time, up 13.96% in the past 24 hours and outperforming bitcoin, according to the CoinDesk 20.

Read More: Stellar’s XLM Token Rallies to 2-Year High on XRP Woes, OCC Ruling, Ukraine

It’s not just on Weibo. Chinese internet users have been surfing on English-based social media platforms including Telegram chat groups and Reddit, where the most recent bout of trading frenzy started originally. A tweet by Tron’s Justin Sun, which said he’d buy $1 million worth of GameStop stock to show his support to the Reddit community, was briefly pinned on the reddit group, r/wallstreetbets, the epicenter of the GME drama.

“Justin Sun (Asian billionaire) has our back and is joining in,” the group’s post says. After the post went out, prices for the tron (TRX) cryptocurrency rose as high as $0.0446, up 52.2% from its 24-hour low at $0.0293, according to Messari.

The post also led to what appeared to be an accidental rally in shares of Tanzanian Gold Corporation, which has the ticker symbol TRX. That stock doubled in price in earlier Friday and is still up 26% on the day as of press time, according to Yahoo Finance.

“Every stock investor is thinking of how to buy cryptocurrencies,” Yang Liu, a Colorado-based Chinese crypto retail trader, told CoinDesk. “Every crypto investor is thinking of how to buy stocks.”

Yang saw the early movement on Reddit and bought shares of GME last week, right before GME’s prices skyrocketed. He told CoinDesk many friends and family in China have been asking him over the past two days which tokens they should buy.

“In China, the fear of missing out (FOMO) has surpassed the fear of losing money,” Yang said, adding that many Chinese have been trading American stocks since the start of the lockdown in 2020 using platforms such as FutuBull, and Forex.com.

Data from a December report by the China Securities Depository and Clearing Corporation shows there are more than 177 million individual stock investors in China. Unlike the market in the U.S., the stock market in China is dominated by retail investors. The Chinese stock market is also highly regulated, with short-selling very rare and stock exchanges forcing the suspension of trading for the day should the CSI 300 Index rise or fall by 7% or more from its previous close.

The battle between retail traders and financial elites is also nothing new to hundreds of millions of traders in China. They often half-jokingly describe themselves as “leeks,” a common vegetable in China, “being harvested” when they think their money has been “stolen” by the much bigger market players in the traditional stock market.

“Sending support to retailers in the U.S,” one Weibo user commented under a post by Chinese state media The Paper about trading platform Robinhood stopping buy orders on GameStop.

Read More: Retail Traders Sue Robinhood Over Meme Stock Restrictions

That said, it is hard to gauge whether China’s participation in the GME surge is much more than FOMO. Some say that while retail traders are jumping into certain stocks or cryptocurrencies, it may be more about taking advantage of an opportunity rather than a shift in ideology.

“It doesn’t matter whether it’s the GameStop drama or the dogecoin pump. From what we see, the retail investors in China are not deeply or actively engagement in the real ‘revolution’ behind [the trading frenzy],’” Flex Yang, founder and chief executive of Hong Kong-based crypto lender Babel Finance, told CoinDesk.



Forex Trading can be risky, to cut the risk. Sign up to FX Delta for consistent results. The Best Forex trading signals for an average of 8% gains. Click here to sign up.



Source link

Tags: BettingBitcoinChineseDogecoinGMEPumpTraders
Share76Tweet47

Related Posts

Bitcoin’s Price Surge Accelerates After Passing Milestone of $1T Market Value

Bitcoin’s Price Surge Accelerates After Passing Milestone of $1T Market Value

by CryptoInfoNet
February 19, 2021
0

Bitcoin’s recent price surge pushed the largest cryptocurrency past $1 trillion in market capitalization, a threshold that might prove to...

Who ISN'T Dabbling as Bitcoin Passes $52K, Ether Tops $1,900

Who ISN’T Dabbling as Bitcoin Passes $52K, Ether Tops $1,900

by CryptoInfoNet
February 18, 2021
0

Price PointBitcoin (BTC) was lower after surging on Wednesday to a new all-time high price above $52,000, while ether (ETH)...

Ether Looks Overleveraged as Cryptocurrency Hits New High Over $1,900

Ether Looks Overleveraged as Cryptocurrency Hits New High Over $1,900

by CryptoInfoNet
February 18, 2021
0

Ether soared to new record highs Thursday, but an overheated derivatives market may suggest higher volatility is on the way...

Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K

Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K

by CryptoInfoNet
February 17, 2021
0

Bitcoin broke above $52,000 Wednesday, with a market capitalization nearing $1 trillion.Bitcoin (BTC) trading around $52,231.69 as of 21:00 UTC...

Ajit Tripathi: How to Bring Off-Chain Assets to DeFi

Ajit Tripathi: How to Bring Off-Chain Assets to DeFi

by CryptoInfoNet
February 17, 2021
0

The recent GameStop short squeeze has brought decentralized finance (DeFi) into mainstream public consciousness. Well-known crypto influencers such as Caitlin...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • March 2021
  • February 2021
  • January 2021
  • About Us
  • Privacy Policy
  • Contact Us

© 2021 cryptoinfonet.com

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Regulation

© 2020 cryptoinfonet.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version