Bitcoin
Dogecoin, Bitcoin Pump as GameStop Rally Cools Down
GameStop’s surge may have started to decreasebut the Bitcoin price price is rising today. The largest cryptocurrency by market cap is now trading at its highest level in three weeks at $65,872, according to CoinGecko.
In the last 24 hours, BTC is up 7%. Zooming out further, it rose over 4% last month.
Bitcoin’s surge follows a Wednesday report from the US Bureau of Labor Statistics showed that although inflation was still high in April, it had decreased slightly.
Yesterday, more than $100 million flowed into Bitcoin exchange-traded funds (ETFs). according to to data from Farside Investors. Big entries in newly approved investment vehicles have helped drive up the currency’s price this year.
Bitcoin is not the only currency available today: Dogecoin price jumped 7% the previous day, now trading at $0.1556. Elon Musk’s original and favorite meme coin has soared in the wake of this week’s meme stock rally.
Traders are enjoying all things meme-related after the Twitter account for Roaring Kitten came back to life on Sunday for the first time in almost three years – although it’s unclear if he really came back. Retail traders are clearly interested in this, with trading app Robinhood seeing its biggest trading day in 12 months.
Roaring Kitty, whose real name is Keith Gill, is an investor and YouTuber who made the headlines in 2021 for pronouncements that helped trigger the first meme stock rally in stocks like GameStop (GME) and AMC.
This week, these meme stocks made a comeback, both rising more than 200% – before falling again today– as traders rushed to get back into action.
Meme stocks are shares of companies that have become popular on web forums like Reddit. They made big headlines in 2021 after amateur traders pumped them up, making huge returns and causing chaos for Wall Street bigwigs and regulators alike.
Despite Bitcoin’s rise this week. there is still a long way to go to reach the all-time high of nearly $74,000 set in March.
The coin is also trading below the record high of $69,044 set in 2021.
Edited by Ryan Ozawa.