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GameStop slumps after hearing, BlackRock ‘dabble’ in BTC

By John Shepard

10:00, 19 February 2021

GameStop

GameStop sheds 11 per cent after Keith Gill sued

Retail stock GameStop (GME) has shed 11 per cent after the Congressional hearing into a recent short squeeze. One of the proponents of the stock’s gains is also being sued for $5m over the alleged manipulation.

The lawsuit stated: "To orchestrate the manipulation of GameStop stock, Gill created a far-reaching and wildly successful social media campaign in the year leading up to the surge in GameStop shares."

GME stock closed at $40.69, which is the lowest price since 20 January 2020. AMC Entertainment (AMC), which was also involved in the Reddit trading frenzy, held up at only -0.72 per cent. This is a sign that the stock has finally disconnected from moves in GME. AMC closed at $5.51 and this level has propped the stock up for seven trading sessions now.

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Bitcoin supported above $51,000

Bitcoin (BTC) has pulled back from the recent highs above $52,000, but the coin is well supported above the $51,000 level. No major selling is appearing in Bitcoin and this gives hope for another push higher.

BTC/USD

70,191.40 Price
-0.800% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,549.45 Price
-0.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

US100

18,249.40 Price
-0.200% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

Gold

2,233.43 Price
+1.740% 1D Chg, %
Long position overnight fee -0.0188%
Short position overnight fee 0.0106%
Overnight fee time 21:00 (UTC)
Spread 0.80

Bullish crypto traders were boosted by news that BlackRock, the world’s largest asset manager, had “dabbled” in BTC. A company executive told CNBC it was investing despite the volatility, saying: "People are looking for places that could appreciate under the assumption that inflation moves higher and that debts are building, so we've started to dabble a bit into it".

BTC is up more than 70 per cent in 2021, building on a rally that began in mid-2020. 

Trade Bitcoin to US Dollar - BTC/USD CFD

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Markets in this article

BTC/USD
Bitcoin / USD
70191.40 USD
-562.5 -0.800%
GME
GameStop Corp (Extended Hours)
12.63 USD
-0.65 -4.970%
GME
GameStop Corp (Extended Hours)
12.63 USD
-0.65 -4.970%

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