Skip to content Skip to footer

GameStop up 70% as Robinhood lifts trading restrictions – 29th January

Update: GME is currently down 8% as markets opened early Monday morning.

The GameStop bull run continued on Friday as Robinhood and other brokers finally lifted trading restrictions on the stock.

$GME was up as much as 113% at one point today, as traders rushed in to take advantage of the rising valuation. The move came as Robinhood was said to raise over $1 billion from investors in order to maintain credit lines.

Regarding the move, the company stated that “By drawing on our credit lines which we do all the time as part of normal day to day operations we get more capital that we can deposit with the clearing houses and that will allow us to enable ideally more investing with fewer restrictions”.

Robinhood who took significant reputational damage, was trending on Twitter with many traders unable to participate in buying yesterday accusing the broker of “protecting Wall Street”. 

With restrictions lifted and demand remaining in place GME finished the day up almost 70% closing at $325 per share.

S&P 500 drops as J&J vaccine falls short

The benchmark S&P 500 was once again on the decline on Friday as the COVID-19 vaccine released by Johnson and Johnson vaccine disappointed.

J&J’s vaccine, which is administered with only one dose was said to have a 72% efficacy rate, which is over 20% lower than vaccines from British and European drug makers.

As a result of this, shares in J&J fell as much as 5% today before recovering slightly, with the S&P 500 down 1.77% as of writing.  This also comes as data from the U.S. showed that consumer spending was down 0.2% in December.

Elon Musk leads Bitcoin rally

A few days after tweeting “Gamestonk!” leading to a surge in the company’s share price, Elon Musk once again used twitter to prop up prices in another financial market.

The Tesla founder today changed his bio to state “Bitcoin”, leading to the cryptocurrency rallying from as low as $31,979 to an intraday high of $38,624.

BTCUSD rose as around 20% at one point, however it has since dropped off and many still see the cryptocurrency as being somewhat overpriced and anticipate some market correction.

As of writing the crypto currency was trading around $34,570.

Source: CNBC Television

Quote of the day – “I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have”

Paul Tudor Jones

To stay up to date with the markets we encourage traders to view our Trade Gate Hub for more real time insights into Crude, Gold and many other markets.

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.