Reddit trading frenzy fades as Yellen summons mcap cryptocurrency Reddit trading frenzy fades as Yellen summons agencies Reddit trading frenzy fades as Yellen summons agencies Mass buying by amateur traders has driven wild price gyrations in companies that big US fund managers had bet against Feb 03ist updated: Feb 03ist A social media-driven trading cooled on Wednesday as US Treasury Secretary Janet Yellen called a meeting of top mcap cryptocurrency that could result in tougher markets regulation for hedge funds, small investors mcap cryptocurrency stockbrokers.
Mass buying by amateur traders over the past two weeks has driven wild price gyrations in companies that big US fund managers had bet against, including videogame retailer GameStop and cinema operator AMC Entertainment.
They erased early declines to rise 11 per cent in pre-market trading on Wednesday, while shares of AMC gained 7. GameStop's Frankfurt-listed shares continued their pace of declines, falling 24 per cent by GMT. Silver, which briefly surged on Monday as small traders bought up the metal, steadied about 10 per cent below its recent peak.
But he added that it would be easy for nimble small investors to regroup and target fresh companies. Yellen has asked to discuss recent volatility and whether trade has been consistent with fair and efficient markets.
It was not clear if a meeting could result in action, mcap cryptocurrency experts expect focus to also fall on the ever-larger role played by non-bank firms such as hedge funds in financial markets, while small traders are bracing for a showdown.
The phenomenon has pushed equity indexes from New York to Seoul to record highs and boosted the price of assets from mcap cryptocurrency to new stock market listings. The assault on GameStop short-sellers took it to a new level as small traders appeared to act in concert as they mcap cryptocurrency buying over Reddit.
Posts encouraging silver buying also boosted prices on Monday, although that proved short-lived. Also Read Game on after GameStop: Stocks soar again despite amber warnings "We could see other similar events more regularly, but mcap cryptocurrency sure the regulators will look to curb any market volatility or manipulation," he said. In the washup, Melvin Capital, one of the biggest funds betting on a drop in GameStop's share price, lost 53 per cent in January.
Others, such as billionaire investor Steven Cohen's Point72 Asset Management lost nearly 9 per cent, investors said. Robinhood further relaxed some of its restrictions on trade on Tuesday, increasing buying limits on GameStop stock, for example, from 20 shares to shares.