Published on juni 8, 2024, 9:26 pm
Image source: Fox News
```json [ { "article_summary": "Keith Gill, also known as "Roaring Kitty" and "DeepFuckingValue", is close to becoming a billionaire due to his GameStop investments. Bitcoin open interest rose by $2.02 billion in three days, sparking concerns about price volatility. A new US law allows the president to restrict access to digital assets; Marathon Digital sold 63% of its Bitcoin production; over $3 billion worth of Ether withdrawn from exchanges post-approval of spot Ether exchange-traded funds. Recommended reading Cointelegraph market analysis for more insights on crypto prices and trends." } ] ```
Keith Gill, popularly known as “Roaring Kitty” and “DeepFuckingValue” online, is on the brink of becoming a billionaire thanks to his investments in GameStop (GME) stocks. This trader, who gained fame during the GameStop short squeeze in 2021, recently disclosed a new investment of $180 million in GME shares. The announcement triggered a substantial surge in GameStop’s stock price, pushing its market capitalization up and landing it among the top 400 publicly traded companies in the U.S. However, Gill is now under scrutiny and faces a potential investigation for alleged market manipulation.
In the cryptocurrency realm, Bitcoin experienced a notable increase in open interest by $2.02 billion over three days, reaching $36.92 billion by June 6. This surge has raised concerns among traders about a possible “whipsaw” effect – a sudden reversal in price direction due to the high number of leveraged positions. While this could lead to short-term price adjustments, experts note that it also signifies increased speculative activity that may impact Bitcoin’s price volatility.
A newly enacted U.S. law provides substantial authority to the president to restrict access to digital assets with specific focus on foreign entities associated with terrorism. Named the Terrorism Financing Prevention Act, this legislation defines digital assets broadly to encompass any digitally recorded value cryptographically stored on distributed ledgers. Critics warn that the law’s broad scope might steer users toward Know Your Customer-compliant, permissioned blockchains, effectively shaping the digital asset landscape.
In another development, Marathon Digital sold 63% of its Bitcoin production in May – equivalent to 390 out of 616 BTC mined – following the Bitcoin halving event. This significant sale contrasts with other mining firms like Riot Platforms and CleanSpark; while Riot Platforms refrained from selling any Bitcoin, CleanSpark only sold a small portion. Miners are striving to expand their operations and enhance efficiency to stay competitive amidst dwindling rewards. CleanSpark is notably active in mergers and acquisitions (M&A), whereas Marathon is exploring opportunities overseas.
Elsewhere, over $3 billion worth of Ether has been withdrawn from centralized crypto exchanges since spot Ether exchange-traded funds were approved in the United States on May 23 – indicating a potential scarcity ahead. The dwindling Ether reserves on exchanges reflect reduced availability for sale as investors opt for self-custody options beyond immediate selling.
As for cryptocurrency prices at week close: Bitcoin (BTC) stood at $71,248; Ether (ETH) at $3,813; XRP at $0.52; with the total market cap clocking at $2.64 trillion according to CoinMarketCap data.
In Altcoin news for that week: Notcoin (NOT) surged by 82.72%, JasmyCoin (JASMY) by 38.05%, and ORDI (ORDI) by 26.99%, ranking as top gainers while Bitget Token (BGB), Beam (BEAM), and Bonk (BONK) suffered losses of -11.60%, -10.93%, and -9.70% respectively among the biggest 100 cryptocurrencies.
For more insights on crypto prices and trends, reading Cointelegraph’s market analysis is highly recommended along with keeping an eye on various industry influencers’ viewpoints and commentary such as those shared above related to cryptocurrency market shifts and developments.
Original article posted by Fox News
