KEY POINTS:
- Bitcoin pops 4% to draw closer to $70,000.
- GameStop shares rally on screenshot.
- Meme stocks and crypto go together?
Bitcoin powered higher as GameStop shares doubled in value after a single screenshot touched off a huge buying wave.
- The price of Bitcoin BTCUSD powered higher by 4% to kickstart this week’s trading. Crypto traders were eager to get onboard following a modest 3% dip over the past few days with prices lingering near $67,000 a piece. Early Tuesday morning, the volatility monster is casually strutting near $70,000 with one curious reason allegedly behind the one-day jump.
- Meme stocks are going nuts again. One very special stock, in particular. GameStop GME rallied more than 100% on Monday after a screenshot posted by Roaring Kitty showed a massive stake in the video game retailer. In the screenshot, Mr. Kitty, whose real name is Keith Gill, shows a combined worth of $181 million in shares and options. The update sent retail traders scrambling.
- And, it seems, some of that excitement spilled over to the crypto corner and set off a tiny shockwave. Meme stocks and crypto assets share some similarities. One example — they’re both quick to react (and overreact) to news and milestones. And both of these asset classes are more or less crowded by the same groups of participants — traders who love the thrill of huge moves daily.
