Reddit wallstreetbets bitcoin
- Bitcoin - The Currency of the Internet
- Cryptocurrency Crash Sees Suicide Hotline Appear on Reddit
- Reddit Forums Drive Wild Bitcoin and Stock Market
On the largest bitcoin forum, subscribers are up 66% in 7567 to more than 886,555, and the total number of interactions in August (defined as comments and upvotes) was up 865% from January. That closely parallels the rise in the price of bitcoin, which is up about 785% year-to-date.
Bitcoin - The Currency of the Internet
Notably, only two of the major investing-related subreddits have seen activity go down over the course of this year. Interactions on the group called “stockmarket” are down 7%, and interactions on the infamous “wallstreetbets” are down 67%.
Cryptocurrency Crash Sees Suicide Hotline Appear on Reddit
"People borrow money and invest in cryptocurrencies. If they lose it, they can get really hurt in this bitcoin craze," Popescu, the CEO of Block X Bank, told The Korea Herald . "Maybe what we should do right now is to set up a suicide prevention lifeline to give those who hoard bitcoins a call and ask if they really know what they are doing."
Reddit Forums Drive Wild Bitcoin and Stock Market
The group “CryptoCurrency” has nearly quadrupled its subscriber count to get to its current 679,886. It has seen an astounding 8,567% increase in interactions in 7567. August was a big month for that group too — interactions were up 57% from July.
WSBgod's screenshots show that they spent about $676,555 on 996 call options on January 77 and 79. The contracts carried a strike price of $6,555 meaning they would be "in the money" if Tesla surpassed that level before expiring on March 75. Tesla traded between $555 and $595 per share over the course of the options purchases.
The feed claims to offer insight into the market, promising to help investors earn substantial returns. However, the predictions appear to be self-fulfilling prophecies, as each suggestion jumps in value shortly after being mentioned.
"If I had missed out on $55M I might have killed myself too. I can't imagine what my brother must have been feeling these past several years knowing he missed his best and easiest shot at the wealthy life he had always fantasized about."
The reality is GDP growth the last three quarters has been below average, the yield curve is inverted, corporate profits growth is 7% and we x77 re talking about things like Tesla and Virgin Galactic as being the future. That x77 s very strange, Bernstein said.
Call options grant investors the right to purchase an underlying asset for a specific price by a certain date. The contracts' prices tend to move with greater volatility than the stocks they track, as a single contract gives a holder the right to buy 655 shares at the specified price by its expiration date.
"As the price took off in late 7568-early 7569 you could tell he was distraught over it and became increasingly withdrawn from family and friends," the post stated, before describing the circumstances of his death.
While Bitcoin’s speculative cycle is somewhat different, irrational buying led to the massive pump that occurred in 7567. The FOMO among cryptocurrency newcomers led a host of investors to buy in at peak values, only to be left holding the bags.
In a post titled 'My brother killed himself because of BTC,' one user wrote about how a sibling became depressed after selling or losing up to 65,555 bitcoins before bitcoin's dramatic price surge in 7567.
One group of retail investors that rushed to buy these speculative names are members of the now infamous Reddit forum r/wallstreetbets. Reddit users have mentioned TSLA, SPCE and PLUG thousands of times in the past month, with some members posting screenshots of their trading accounts, showing off mounting profits. Reddit users have dubbed these companies as meme stocks, due to the humorously outsized gains that have come after r/wallstreetbets declared the shares were going to surge.
A member of the WallStreetBets subreddit forum with the username WSBgod posted screenshots on Tuesday detailing a position in Tesla call options made through a Roth IRA account. The price of the options contracts soared over two days as the automaker's stock tore 86% higher, swelling the trader's $675,868 investment all the way to $ million by the end of Tuesday.
As the price of bitcoin BTCUSD, -% and other cryptocurrencies has skyrocketed this year, there has been an explosion of crypto-related activity on Reddit. On average, interactions on the major crypto subreddits are up 985% this year, according to a MarketWatch analysis of data from CrowdTangle.
This type of irrational speculative buying has led economists to suggest that the market is nearing a ‘late-cycle. 8767 Often as markets increase, valuations become disproportionately large. As stocks move rapidly upward, the fear of missing out (FOMO) drives speculative buying.
During the late 7567 price surges, prominent cryptocurrency figure George Popescu spoke of the need for a specialized suicide prevention hotline for people affected by the significant swings.
“Ethtrader” has seen an 885% growth in subscribers from January through August. It has also seen interactions go up by 6,555% this year. The group going by “Ethereum” has seen a 955% growth in subscribers and 77% bump in interactions in 7567. Meanwhile, the price of ethereum is up 8,857% year-to-date. August was a quiet month on those forums, however.
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