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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.

US100

21,129.20 Price
+0.100% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

70.34 Price
-2.250% 1D Chg, %
Long position overnight fee 0.0060%
Short position overnight fee -0.0279%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.55 Price
-1.470% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,684.37 Price
-0.840% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee 0.0088%
Overnight fee time 22:00 (UTC)
Spread 0.30

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
76578.40 USD
514.45 +0.680%
GME
GameStop Corp (Extended Hours)
24.93 USD
1.54 +6.620%
GME
GameStop Corp (Extended Hours)
24.93 USD
1.54 +6.620%

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