BTC and ETH at an important crossroads, Cohen moves into GameStop’s chairman seat
By John Shepard
09:07, 9 April 2021
Bitcoin (BTC) and ether (ETH) both see their bull markets hanging in the balance as they pause near their recent record highs. Yesterday’s gains have put the bulls in charge for now, but “whale” selling could emerge if the two cryptocurrencies cannot mount a higher push. ETH trades at $2,076, while BTC sits below $58,000.
Blackberry (BB) stock was lower for a second week after the US Securities and Exchange Commission (SEC) asked them to stop using non-GAAP accounting measures in their earnings, with the latest release coming this week on 30 March.
Bitcoin volumes dip, State Street makes plans
Bitcoin is holding strength after the recent highs above the $60,000 level but the move higher in Bitcoin is coming with increasingly lower volumes. Volumes have dipped from $75bn midweek to $50bn and the pair is at risk of a big move up or down.
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Another large-scale asset manager has announced their entry into BTC with the news that State Street, the second-oldest US bank with $3.1trn in assets, is providing infrastructure for a new digital assets trading platform, which will go live in the middle of 2021.
State Street is the latest example of Wall Street and corporate America sniffing around the cryptocurrency market and we could see volatility in BTC before summer.
GameStop stock flat, Cohen consolidates
GameStop (GME) was flat on the week as traders waited for a catalyst to spark further moves in the stock. GME was 4.33% lower on Thursday at $17.26.
News this week saw the Chewy founder, Ryan Cohen, consolidating his power over the company after it revealed on Thursday that he would become the board chairman after the 9 June shareholders’ meeting.
Cohen’s move into the chairman’s seat comes after the announcement last month that he would lead a special board committee with the goal of transforming the company into an e-commerce business.
The company said of the committee: “It is responsible for evaluating areas that include GameStop’s current operational objectives, capital structure and allocation priorities, digital capabilities, organisational footprint, and personnel.”
Cohen was at the forefront of the surge in the company’s stock after he sent a letter to the GME board in November that criticised the company for failing to keep up with the industry’s “transition from physical hardware to digital streaming”.
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