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Top Stories This Week
GameStop rally sends Roaring Kitty’s shares to $1B
Keith Gill, also known by his internet nicknames “Roaring Kitty” and “DeepFuckingValue,” could soon emerge as a billionaire due to his investments in GameStop (GME) shares. The trader, known for the GameStop short squeeze in 2021, has seen his holdings rise in value after he announced a new $180 million investment in GME shares. The announcement led to a significant increase in GameStop’s stock price, boosting its market capitalization and ranking it among the top 400 public companies in the U.S. Meanwhile, Gill faces scrutiny and a potential investigation for market manipulation.
Bitcoin open interest goes meteoric, traders warn of a ‘whipsaw’
Bitcoin’s open interest increased by $2.02 billion over three days, totaling $36.92 billion on June 6. The spike has led traders to speculate about a potential “whipsaw” effect — a sudden reversal in price direction — due to the high volume of leveraged positions. Experts suggest that while this might lead to short-term price corrections, it also shows increased speculative activity that could influence Bitcoin’s price volatility.
New law grants US president power to block digital asset access
A new U.S. law grants the president significant powers to block access to digital assets, specifically targeting foreign entities linked to terrorism. The law, called the Terrorism Financing Prevention Act, defines digital assets broadly, encompassing any digital representation of value cryptographically recorded on distributed ledgers. Critics argue that the law’s expansive scope could push users toward Know Your Customer-compliant, permissioned blockchains, effectively controlling the digital asset landscape.
Largest Bitcoin mining firm sold 63% of mined BTC in May
Marathon Digital sold 63% of its Bitcoin production in May, which amounted to 390 out of 616 BTC mined, according to its first report following the Bitcoin halving event. The large sale was contrasted by other mining firms like Riot Platforms, which sold none of its Bitcoin, and CleanSpark, which sold a small portion. Miners are seeking to expand their fleets and improve efficiency to remain competitive as rewards shrink. CleanSpark, for example, is said to be “highly active in the M&A space,” while Marathon is exploring overseas opportunities.
Crypto exchanges see $3B Ethereum exit since ETF approvals
Over $3 billion worth of Ether has been removed from centralized crypto exchanges since the May 23 approval of spot Ether exchange-traded funds in the United States — signaling a potential upcoming supply squeeze. The amount of Ether on exchanges fell by around 797,000 between May 23 and June 2, equivalent to $3.02 billion, according to CryptoQuant data. Lower exchange reserves imply fewer coins are available for sale as investors move their own coins to self-custody for purposes other than immediate selling.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $71,248, Ether (ETH) at $3,813 and XRP at $0.52. The total market cap is at $2.64 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Notcoin (NOT) at 82.72%, JasmyCoin (JASMY) at 38.05% and ORDI (ORDI) at 26.99%.
The top three altcoin losers of the week are Bitget Token (BGB) at -11.60%, Beam (BEAM) at -10.93% and Bonk (BONK) at -9.70%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“This is really the first wave of the early adopters, and I think the next wave is the much bigger institutions.”
Jenny Johnson, president and CEO of Franklin Templeton
“By the end of the decade, they [AGI machines] will be smarter than you or I; we will have superintelligence, in the true sense of the word.”
Leopold Aschenbrenner, former researcher at OpenAI
“Carefully balancing sensible regulation with strong research is the foundation of Switzerland’s success. […] Innovation needs freedom to be creative!”
Alexander Brunner, adviser for AI, blockchain, and Web3 companies
“If people understood the ramifications of the shift in [Washington D.C.], the crypto market would be at new all-time highs.”
Matt Hougan, chief investment officer at Bitwise Asset Management
“We aren’t Ethereum maxis; we are scaling maxis.”
Eli Ben-Sasson, CEO of StarkWare
“[The] SEC knew it was in a corner on ETH ETF.”
Prediction of the week
Bitcoin bull run’s ‘most important chart’ hits new $94T all-time high
Read More: Hodler’s Digest, June 2-8 – Cointelegraph Magazine