GameStop rises, Cramer touts crypto play and Bitcoin rally cools
By John Shepard
11:00, 26 February 2021
GameStop (GME) stock was 18.5 per cent higher on Thursday after buyers returned to the struggling retailer. Jim Cramer of Mad Money suggested that the company could get involved in cryptocurrency in order to satisfy the current valuations.
Noting the moves of Paypal (PYPL) and Nvidia (NVDA) into the sector, Cramer said: “If GameStop were to turn itself into a 5,000-store introduction to crypto, make it so that they sell $1bn worth of stock ... and buy crypto with it, and then make it so it’s an international gaming place where you win Bitcoin, I think you can justify the stock price.”
GME stock saw a high of $184.68 but surrendered some of its gains to close at $108.73. Elsewhere, AMC Entertainment (AMC) closed lower at $8.29 after seeing highs of $10.57.
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Cramer also commented on the recent Reddit-inspired rally in GameStop by suggesting the regulators should get involved. The CNBC host called the recent 100 per cent rise in the shares of GameStop was “a mockery”, and asked, “Where is the government?”
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Bitcoin near $45,000 as crypto market cools
Bitcoin (BTC) has been unable to hold onto the $50,000 level and the cryptocurrency is now nearing the $45,000 level. The move lower in BTC could extend if more “whale” investors throw in the towel and that will spread outwards into other coins.
Dogecoin (DOGE) is currently trading at the $0.05 level and the latest news was that regulators were probing Elon Musk’s tweets regarding the coin. It’s unlikely that the SEC can take any action, but the move is maybe a warning to the Tesla (TSLA) founder and others, about potential promotional moves.
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