Bitcoin in the Spotlight as GameStop CEO Invests Heavily
In a move that has captured the attention of the financial world, GameStop CEO Ryan Cohen has made a significant investment in Bitcoin, shortly followed by a substantial purchase of the company’s shares. This development highlights the evolving landscape of corporate investments in cryptocurrencies and their potential impact on the market.
GameStop CEO Buys Shares After Bitcoin Purchase
GameStop CEO Ryan Cohen bought 500,000 shares at $21.55 each, boosting investor confidence. This $10 million purchase increased his total stake to over 37 million shares. The purchase comes shortly after GameStop’s board approved a new investment policy allowing for a shift in strategy. Although the company holds $4.76 billion in cash, its announcement of a $1.3 billion convertible notes offering led to a 7% drop in the stock as investors weighed the potential dilution. GameStop first gained attention in early 2021 when retail traders triggered a historic short squeeze, sending its shares soaring. Since then, the company has been transitioning from a traditional video game retailer to a more tech-forward business.
10-Year Dormant Bitcoin Stirs: 1,000 BTC Moved, What’s Next?
Decade-old dormant Bitcoin awakens. More than 1,000 BTC suddenly shift on the blockchain after sitting untouched for up to ten years. The significant on-chain movement, flagged by CryptoQuant, sends ripples through the market. Market analyst J.A. Maartun observed the event, highlighting a transfer of 1,057 BTC that hadn’t moved for 7 to 10 years, pushing an indicator known as Spent Output Age Bands (SOAB) above the 50 threshold, signaling unusual activity for such old coins.
BitMEX Co-founder Arthur Hayes Supports Tariffs, Sees Positive Impact on Bitcoin
President Trump’s new global tariffs starting at 10% across the board have rattled markets. However, former BitMEX CEO Arthur Hayes said it is “good for Bitcoin.” In a post, he expressed his support for tariffs, stating that global imbalances will be corrected and the pain will be papered over with printed money, which is beneficial for BTC. He also mentioned that this scenario is positive for gold over the medium term.
Crypto Market Declines Amid Trump’s Tariff Announcement
Stock values have tumbled sharply as investors reacted to Donald Trump’s announcement of sweeping tariffs. The cryptocurrency market has also been affected, with widespread liquidations sending Bitcoin and other altcoins into a decline. In the past 24 hours, 110,543 traders have been liquidated, with total losses amounting to $242.12 million.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ Impacts Crypto Market
Bitcoin price remains under selling pressure around $82,000 on Friday after failing to close above key resistance earlier this week. Volatility in the crypto market was fueled by United States (US) President Donald Trump’s tariff announcement on Wednesday, which has swept $200 billion from total market capitalization and triggered liquidations in the market. The US Bitcoin Spot Exchange Traded Funds (ETFs) recorded a total net outflow of $107.81 million until Thursday.
