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China central bank vows crackdown on cryptocurrency trading
China central bank vows crackdown on cryptocurrency trading

SHANGHAI (Reuters) - China's central bank vowed on Friday to crack down on illegal activities of cryptocurrency trading, banning overseas exchanges from providing services to mainland investors via Internet.

Bitcoin rises as Dutch football club PSV announces support
Bitcoin rises as Dutch football club PSV announces support

Cryptocurrencies were back up on Thursday, after being hammered in the past week, as acceptance by mainstream companies continues.

UK public sector borrowing sees second highest August on record FTSE rises
UK public sector borrowing sees second highest August on record FTSE rises

European stocks recovered some of yesterday's losses on Tuesday morning in London, as new data from the Office for National Statistics showed the UK's public sector borrowing had seen its second highest August on record.

pNetwork hacked - Over 12M USD worth of Bitcoin stolen!
pNetwork hacked - Over 12M USD worth of Bitcoin stolen!

Cross-chain DeFi platform pNetwork has been hacked on Binance Smart Chain to the tune of approximately $12.7 million worth of Bitcoin.

GameStop shares rise after Robinhood lifts trading curbs

Shares of GameStop and other companies caught in the recent social media-hyped trading frenzy rose on Friday, after online broker Robinhood lifted all the buying curbs imposed at the height of the battle between amateur investors and Wall Street hedge funds.


The videogame retailer, the initial trigger for the market slugfest, was up 8.4% in U.S. pre-market trading although the wild gyrations seen in the past two weeks appeared to have fizzled out.

Robinhood, among the fee-free online brokers that are credited with fueling the trades, said late on Thursday it had removed all buying restrictions imposed due to a surge in clearing house deposit requirements last week.

With many of the stocks involved in the so-called "Reddit rally" slumping this week, hedge funds with bearish positions on GameStop made $3.6 billion in profits compared to losses of $12.5 billion in January, financial analytics firm Ortex said on Friday.

Analysts pointed to a stunning Hong Kong debut for Tencent-backed Kuaishou Technology as more evidence of the growing power of small investors but, on the WallStreetBets forum at the center of the last week's action, there were few signs of consensus around new stock market favorites.

"The speculation is now fading but that doesn't mean it can't come back a month or two months from now," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"A lot of the small investors may have gotten burnt, so it's going to take time to heal that wound. It may not pop up in those stocks that were already attacked, but it could happen in other companies and maybe on a broader scale."

U.S. Treasury Secretary Janet Yellen met with top officials to discuss the volatility on Thursday and sources told Reuters the securities regulator was looking at all aspects of the rally and all parties involved.

GameStop's stock has crashed to about $53 after scaling as high as $483 last week, but is still up about 177% from the levels at the start of the rally. Shares of cinema operator AMC Entertainment have more than halved from a peak of $19.90. They were up 5.2% on Friday.

Shares of insurer Clover Health, which on Thursday became the first company to be targeted by a short-selling report in weeks, rose 3.2%. The company said on Friday it had received a letter from the securities regulator following the report published by Hindenburg Research.

Meanwhile, on WallStreetBets on Reddit, participants were still urging investors to stick with GameStop.

"GME YOLO/FOMO my second mortgage. 35k to 5mil to 300k. I WILL NOT SELL!," read one post by a participant with the handle u/Rhollow1.


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