WASHINGTON: Robinhood CEO Vlad Tenev told a congressional hearing that his decision to curb buying in some stocks such as GameStop Corp during a period of extreme volatility was unavoidable, but industry experts said it only underscored the risks the popular trading app was willing to accept to expand its market share.
Robinhood s Jan. 28 restrictions on buying GameStop and other stocks that hedge funds had bet against drew the ire of its customers and US lawmakers. They accused it of doing Wall Street s bidding by shielding the hedge funds from an army of amateur traders banding together on Reddit to take them on.
Analysis: Robinhood CEO s U S lawmaker grilling spotlights broker s hidden risks
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Analysis: Robinhood CEO s U S lawmaker grilling spotlights broker s hidden risks
netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
Bitcoin Maintains $19,000 Level As Corporate Adoption Keeps Growing
Unsplash.
This week CryptoCompare data shows the price of Bitcoin (BTC) moved from about $19,200 at the start of the week to a low slightly above $17,500 before recovering back to $19,100 at press time. The cryptocurrency has maintained this level despite a few pullbacks.
Ether (ETH), the second-largest cryptocurrency by market capitalization, has similarly remained close to $600, despite enduring several pullbacks to $535, from which it recovered quickly. At press time it’s trading at around $580.
Headlines seen in the cryptocurrency space throughout the week have kept on revealing institutional investors are moving into the space. On December 10 the Massachusetts Mutual Life Insurance Company (MassMutual), announced it made a $100 million investment in Bitcoin and bought a minority stake in institutional crypto provider NYDIG.