Wednesday, May 12, 2021

Reddit co-founder hoists the Bitcoin flag on Twitter amid price surge

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Reddit co-founder Alexis Ohanian has joined Twitter CEO Jack Dorsey and Tesla CEO Elon Musk in updating their Twitter bios to “#Bitcoin.”

Ohanian’s bio replace appeared to be in response to a tweet by tech entrepreneur and former Coinbase chief expertise officer Balaji Srinivasan. As a part of the tweet, Srinivasan highlighted the rising attraction of Bitcoin to the likes of Musk and Dorsey, calling  Bitcoin (BTC) “the flag of expertise.”

The Reddit co-founder is a identified crypto advocate and has beforehand revealed that he holds a share of his wealth in cryptocurrency. Again in Could 2020, Ohanian remarked that crypto was here to stay and praised the extent of “top-tier expertise constructing” within the business.

Ohanian has beforehand supplied optimistic value predictions for each Bitcoin and Ether (ETH) at $20,000 and $1,500, respectively. On the time, the Reddit co-founder revealed that he was most bullish about Ethereum.

As beforehand reported by Cointelegraph, Reddit, with its over 1.7 billion month-to-month guests, not too long ago inked a partnership deal with the Ethereum Foundation. As a part of the collaboration, Reddit plans to introduce the requisite scaling expertise to assist initiatives like tokenized neighborhood factors on the Ethereum community.

Musk’s bio replace earlier on Friday appeared to spark a flurry of BTC shopping for motion, with Bitcoin briefly surpassing $38,000 for the primary time in nearly two weeks. The present resurgence in BTC enthusiasm additionally seems fuelled by the actions of a number of within the mainstream buying and selling institution and their therapy of retail individuals.

On Thursday, a number of retail brokers like Robinhood prevented customers from shopping for shares like GameStop and AMC. These shares had been experiencing parabolic positive factors to the advantage of retail holders, with the resultant brief squeeze threatening to bankrupt distinguished hedge funds.

In the meantime, Bitcoin’s Friday surge has seen over $850 million in BTC derivatives, largely shorts, liquidated during the last 24-hour buying and selling interval. In line with Bybt data, greater than 310,000 dealer positions went underwater, with the biggest single liquidation taking place on BitMEX to the tune of about $10 million.