WallStreetBets subreddit reinstates ban on cryptocurrency discussions after brief reversal

Moderators of the r/WallStreetBets community on the Reddit platform on Wednesday, April 14, reopened the discussion of cryptocurrencies, and less than a day later banned it again.

WallStreetBets is oriented toward the stock market and the ban on cryptocurrency discussions for its members has long been in place. However, on the day of Coinbase’s direct listing on Nasdaq, moderators сняли ограничения с трех криптовалют – Bitcoin, ETH and DOGE.

Coinbase stock trading on Nasdaq has started. Market capitalization surpassed $100 billion

Already on April 15, the restrictions were returned after a negative Bloomberg article.

«Discussion of cryptocurrencies is banned for an indefinite period due to aBloomberg article asserting that “WallStreetBets bows to cryptocurrency.” I have read many stupid articles about WSB, but this one is the height of stupidity», – written by the moderator of the subreddit u/bawse1.

Back in November 2020, a member of the r/WallStreetBets subreddit found short positions at the Melvin Capital hedge fund in GameStop shares. After that, users decided to buy these shares to prevent big players from sinking the company. The pump of GME shares led to large losses for Melvin Capital.

Read more about the financial scandal in ForkLog:

Robinhood угодила в эпицентр скандала вокруг акций GameStop, Dogecoin и трейдеров с Reddit

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