Bitcoin Briefly Surpasses $70,000 Amid GameStop Mania and Crypto Inflows
🚀 Bitcoin Peaks at $70,000
Bitcoin briefly soared above $70,000, fueled by continuous inflows into crypto investment products and the latest GameStop frenzy, which sparked memecoin speculation.
📈 Significant Crypto Asset Inflows
According to CoinShares International Ltd., crypto asset inflows reached $185 million in the week ending May 31. Investors have poured $2 billion into digital-asset investment products, including Bitcoin exchange-traded funds (ETFs), throughout May.
📰 GameStop Frenzy and Its Impact
The recent spike in GameStop shares, driven by the Reddit community behind the 2021 meme-stock mania, contributed to Bitcoin’s rise. Traders suggest that gains in GameStop shares caused a spillover effect, boosting Bitcoin and other cryptocurrencies.
📊 Memecoin Surge on Solana Blockchain
A cryptocurrency on the Solana blockchain, using GameStop’s name, logo, and ticker, surged over 120% on Monday, according to CoinGecko. Despite having no official ties to GameStop, the coin’s price increase mirrors the rise in GameStop Corp. shares, after Keith Gill (Roaring Kitty) shared his substantial stake in GME shares on Reddit.
🔥 Memecoins and Crypto Market Rally
“The gigantic GME derivative position announced by Roaring Kitty on Sunday night catalyzed a rally in the crypto space,” stated Spencer Hallarn, global head of over-the-counter trading at digital-asset firm GSR. Notable rises in Dogecoin (DOGE) and Bitcoin (BTC) followed his Reddit post.
💹 New Fund Inflows and Market Dynamics
Shiliang Tang, president of principal trading firm Arbelos Markets, highlighted that the start of a new month brought fresh fund inflows, further driving the market. However, he emphasized that the primary driver behind market gains was the GameStop news over the weekend.
📊 Ethereum Sees Continued Inflows
Ethereum also experienced its second week of inflows, driven by the excitement surrounding the approval of ETFs that directly invest in Ether in the US, as reported by CoinShares.
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