Coinbase Disappoints, Bitcoin Enters Extreme Greed And Loopring Rallies

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Bitcoin was allover world news and media yesterday as it reached a new all-time-high. By now my own grandfather has probably heard from it. Although in the long term that’s probably good news, I would say that’s a rather bearish sign in the short term.

Also the fact that the Fear and Greed index is showing Extreme greed as of yesterday for all things crpyto related, means we’re probably due a short corrective pattern.

Meanwhile Robinhood got hacked (again?) and some 7 million customers will see their private details go up for sale on the dark web soon we assume.

Disappointing Coinbase

Brian Armstrong company Coinbase brought out third quarter results which were disappointing to say the least, with shares falling 10% in after-hours trading.

Coinbase Q3 Financial Data Lower Than Expected, Stock Falls https://t.co/cQPB3QRRQD

— Zyite.com (@zyiteblog) November 10, 2021

Coinbase explained in their press release that:

While we entered Q3 with softer crypto market conditions, driven by low volatility and declining crypto asset prices, market conditions improved meaningfully later in the quarter which we have continued to see into early Q4.

WallStreetBets favorite crypto

A week or so ago, as the hype surrounding all things metaverse started to cool down, we noticed that Gamestop, the game retailer that is known to be the WallStreetBets crowd’s favorite investment, was rumored to be parterning up with crypto coin Loopring for a possible NFT marketplace.

At the time, Loopring was already rallying to a new all-time-high.

The volatile action on $LRC is a sight to behold right now.

There’s going to be lots of people and financial institutions wanting a piece of that crypto gaming action. $GME + $LRC is too strong.

This is a top 5 asset in crypto imo. It’s only a matter of time.

— Crypto_Quest (@Race____Bannon) November 10, 2021

Ever since then, the website Topstonks, which measures the most discussed investment vehicles on sites like WallStreetBets, Reddit and 4Chan, pointed out a whole lot more chatter about the crypto. Result was that Loopring added another 100% to its value in the past few days.

Beware that if the Gamestop rumor doesn’t materialize, the value of this crypto coin could quickly fall again.