Bitcoin close to all-time highs, GameStop cools after 100% move higher
By John Shepard
09:21, 12 March 2021
Reddit darling GameStop (GME) was back in the news with the shares surging over 100 per cent on the week. The price cooled on Thursday, but the stock is still showing strong gains.
Bitcoin (BTC) was on the front foot again this week with the cryptocurrency trading at $58,000 overnight, just shy of its all-time highs. BTC has seen gains on the approval of the US stimulus programme and a pullback in the US dollar.
GameStop cools after closing in on highs
GameStop has had a turbulent week with the stock surging over 100 per cent to close in on the record highs that caught the market’s attention in late-January. GME has since cooled off but shorts are getting hit once more.
Traders exchanged around $20bn worth of GME shares on Wednesday making it the second most-traded stock behind Tesla. Short positions had to cover 3 million shares over the last week, worth over $700m, as the latest surge took place.
The company said it would report earnings on March 23 and this will be important to watch as the stimulus cheques roll out.
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Bitcoin near record as ‘whales’ move in
After Bitcoin’s recent record highs above $58,000, the coin dipped to $43,000 but data showed that “whale” investors and institutions moved in at those levels.
Buy orders of $100,000 and higher on the largest cryptocurrency exchange reached an all-time high. This is not surprising after the news earlier this year that Tesla (TSLA) had invested some of its balance sheet in the coin.
Other corporations will have been waiting in the wings to copy Elon Musk’s automaker and we may see further announcements when companies have to formally announce positions to the regulators.
Bitcoin is seeing gains after the approval of the US stimulus programme, which will soon see stimulus cheques handed out to the public. This resulted in a retail stock and crypto surge during last year’s stimulus spending and a Deutsche Bank survey has suggested that a similar move could happen this time.
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