Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized as the weekend approached.
The largest cryptocurrency experienced abrupt volatility at the start of the Wall Street session, driven by what was termed “schizophrenic” U.S. employment data.
This was exacerbated by a decline in altcoins, following market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD hit local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital described the U.S. session as “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” QCP wrote in a Telegram channel update.
They referred to the upcoming macroeconomic data releases, including the Consumer Price Index (CPI) and the Federal Reserve’s meeting to decide on interest rate policy.
QCP continued, “Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
READ MORE: Sky Mavis Recovers $5.7 Million from Ronin Bridge Hack with Aid of Norwegian Authorities
Despite the turmoil, QCP viewed the local lows on BTC and ETH as a buying opportunity, anticipating future Federal Reserve actions might favor risk assets.
Analyzing key levels, the crypto market focused on the monthly open around $67,500 as a critical support level if weakness persisted.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase noted on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect was the leverage flush in Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush.
$ETH also lost about $800M for a total of well over $2B for just BTC & ETH combined,” observed fellow trader Daan Crypto Trades.
Previously, Cointelegraph had reported on global liquidity trends already supporting a potential BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Purple Trump (PURTRUMP), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
Currently, Purple Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Purple Trump could become the next viral memecoin.
In fact, many early Shiba Inu and Dogecoin investors have been pouring funds into this new Solana memecoin.
Purple Trump launched with over $3,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Purple Trump on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Purple Trump by entering its contract address – DJ7cHAcyioUrpd1nJxREvfETMnMoTbuZM7FRYJst7YHC – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PURTRUMP.
Keith Gill, famously known for his role in the GameStop short squeeze of 2021, has reemerged in the financial spotlight as his recent trading activities propel him towards billionaire status.
Trading under the monikers “Roaring Kitty” and “DeepFuckingValue,” Gill disclosed on June 2 that he had resumed trading in GameStop stocks, commanding a hefty sum of $180 million.
The details of his investment were shared on his Reddit account, where Gill showcased a $115.7 million investment in GameStop shares and $65.7 million in call options.
This revelation stirred the stock market, notably boosting GameStop’s value. Following his post, GameStop’s stock price leapt by 19% in overnight markets operated by Robinhood, and has since surged by 38.8% in 2024.
Analysts from The Kobeissi Letter, a respected source in global capital markets analysis, predict that Gill’s financial trajectory could see him become a billionaire.
They pointed out that with GameStop’s stock reaching $67.50 per share after hours, Gill’s holdings could approximate $1 billion if the stock opens at similar levels.
Furthermore, the stock analysts noted that since June 6, GameStop’s stock has closed up 110%, adding $9.5 billion to its market capitalization within just 12 hours.
This dramatic increase places GameStop’s valuation at around $20 billion, categorizing it as one of the top 400 public companies in the U.S.
However, Gill’s aggressive market tactics have not gone without scrutiny.
READ MORE: Fidelity Strategist Matt Horne Recommends Small Bitcoin Allocation for Investors
On June 3, Citron Research, a prominent critic and short-seller of GameStop, accused him of market manipulation in a post on X.
They suggested that Gill must be collaborating with other financiers, stating, “We believe someone is backing Gill — there’s no way he made this size trade alone.
His reported finances don’t support this trade. Investors will see through this roaring Icarus.”
The following day, Massachusetts’ securities regulator initiated an investigation into Gill’s recent market activities.
Lisa Braganca, a former official at the Chicago Securities and Exchange Commission, mentioned in a CNBC interview that the probe will likely explore whether Gill’s actions constituted market manipulation.
She elaborated, “They are concerned that this is an effort to manipulate the market and for him to make money for himself through illegal disclosures,” indicating a thorough review of Gill’s communications across various platforms, including Reddit and X, will be part of the investigation.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Trump Fuks Doge (TRUMFDOG) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Trump Fuks Doge (TRUMFDOG), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Trump Fuks Doge presents a similar opportunity.
Trump Fuks Doge has a market cap below $18,000 at the moment, meaning that when it just reaches a modest market cap of $400,000-$800,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 18,000% in the coming two days, and Trump Fuks Doge could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Trump Fuks Doge can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Trump Fuks Doge on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump Fuks Doge by entering its contract address – 3M96NKcTjZWDw5YJGArURdK7gR5q6coU4DoA7iWDy2CX – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like TRUMFDOG.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Elect Pepe (ELECPEPE) presents a similar opportunity for a limited time.
Elect Pepe (ELECPEPE), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
ELECPEPE will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Elect Pepe.
Currently, Elect Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy ELECPEPE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Elect Pepe by entering its contract address – 9ZLeE8tvwmNHB75bric5ehZUo8gi6K8qoE3W5xmd5z6b – in the receiving field.
ELECPEPE currently has a market cap of just under $10,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Purple Trump (PURTRUMP), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
Currently, Purple Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Purple Trump could become the next viral memecoin.
In fact, many early Shiba Inu and Dogecoin investors have been pouring funds into this new Solana memecoin.
Purple Trump launched with over $3,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Purple Trump on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Purple Trump by entering its contract address – DJ7cHAcyioUrpd1nJxREvfETMnMoTbuZM7FRYJst7YHC – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PURTRUMP.
Animoca Brands and its subsidiary Bacasable Global, operators of The Sandbox metaverse platform, have successfully secured $20 million in a funding round, achieving a valuation of $1 billion.
This round saw contributions from prominent investors including Kingsway Capital, LG Tech Ventures, and True Global Ventures, with the funds raised through convertible promissory notes.
These notes offer investors the option to convert their investments into equity in Bacasable Global under the same terms as the existing preference shares.
This fundraising event marks a significant milestone for The Sandbox, especially considering its ambitious valuation targets nearly two years ago when it sought to raise $400 million at a valuation of $4 billion.
According to The Sandbox’s official announcement, the newly acquired funds are earmarked for enhancing the platform’s creator economy and the development of its decentralized mobile metaverse, which is slated for release in 2025.
The Sandbox plans to introduce a range of new features, including social functionalities, enhanced avatar skills, and improved versions of its existing Game Maker and VoxEdit 3D editing tools.
Additionally, the platform is set to enhance its multiplayer experience with a new rules system expected to enter beta testing later in 2024 and launch fully in 2025.
Since its Alpha version went live in November 2023, The Sandbox has seen significant user engagement, with over 1,000 user-generated experiences developed and a robust user base of 5.7 million accounts connected to cryptocurrency wallets.
READ MORE: CryptoUK Releases Comprehensive Guide to Navigate U.K.’s Crypto Travel Rule Compliance
Despite the general downturn in the metaverse sector following the 2022 bear market, The Sandbox has demonstrated considerable growth, adding over 330,000 unique creators who have utilized its no-code Game Maker in the past year.
Animoca Brands co-founder Yat Siu emphasized the uniqueness of The Sandbox, contrasting it with other popular gaming platforms: “Many popular games, such as Minecraft and Roblox, with millions of daily users, don’t offer their users digital property rights,” he noted.
He then highlighted The Sandbox’s role in advancing user-generated content (UGC) games into an era of digital ownership.
Despite a slowing metaverse market, which saw companies like Facebook rebrand without achieving expected traction, investment firm McKinsey & Company remains optimistic about the metaverse’s potential, projecting its growth to reach $5 trillion by 2030.
Meanwhile, a report from Futurism pointed out that Meta’s $1.2 billion metaverse initiative managed only 38 daily users in 2022, showcasing the challenges faced in the sector.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Solana-based GME coin (GME), a memecoin inspired by the 2021 GameStop short squeeze, saw its value jump over 150% to $0.029 on June 7.
This dramatic increase coincided with the announcement from Keith Gill, known as Roaring Kitty, about his return to YouTube after three years.
Gill, a key figure in the 2021 GameStop trading frenzy, recently hinted at active trading in GameStop shares, triggering a resurgence of interest in GameStop-related investments.
Since June 2, the price of GME cryptocurrency has skyrocketed over 730%, following Gill’s disclosure of trading GameStop’s stock, which itself has soared by more than 110% since his announcement.
Despite the lack of detailed content in Keith Gill’s YouTube announcement, it spurred significant speculation that he might be optimistic about GameStop’s future.
This anticipation has electrified the investor community; one notable instance involved a trader who turned a $2 million investment in Solana’s native token into a $1.5 million profit through GME memecoin.
Gill’s upcoming livestream, scheduled for noon New York time, is poised to potentially impact both GameStop shares and related cryptocurrency tokens further.
However, there’s a looming risk of sharp price corrections for the GME coin, especially once Gill’s livestream concludes.
This potential downturn aligns with the “sell the news” phenomenon prevalent in financial markets—prices often surge in anticipation of an event and plummet after the fact as traders sell to capitalize on the hype.
READ MORE: Fidelity Strategist Matt Horne Recommends Small Bitcoin Allocation for Investors
A similar scenario occurred in May 2021 when Dogecoin plummeted by 25% just minutes after Elon Musk mentioned it during a “Saturday Night Live” episode, despite reaching a peak shortly before his appearance.
Technical analysis of the GME token reveals a relative strength index (RSI) of around 82, signaling that it might be overbought.
This suggests possible forthcoming corrections similar to an 80% drop experienced in May.
Additionally, a bearish divergence is forming between the rising price and falling RSI momentum, indicating potential exhaustion among buyers.
Should the market correct, the immediate target for GME in June could be around $0.228, corresponding to the 1.618 Fibonacci retracement level.
In the event of a more significant downturn, the key target might be the 50-day exponential moving average at about $0.005, an 80% decline from its current price.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Trump Fuks Doge (TRUMFDOG) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Trump Fuks Doge (TRUMFDOG), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Trump Fuks Doge presents a similar opportunity.
Trump Fuks Doge has a market cap below $18,000 at the moment, meaning that when it just reaches a modest market cap of $400,000-$800,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 18,000% in the coming two days, and Trump Fuks Doge could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Trump Fuks Doge can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Trump Fuks Doge on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump Fuks Doge by entering its contract address – 3M96NKcTjZWDw5YJGArURdK7gR5q6coU4DoA7iWDy2CX – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like TRUMFDOG.
On June 8, Bitcoin hovered around $69,000, recovering from a sudden drop. Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s price stabilizing over the weekend.
The largest cryptocurrency experienced sudden volatility at the prior Wall Street open due to “schizophrenic” U.S. employment data.
This was exacerbated by a sharp decline in altcoins, triggered by market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD saw local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly fell below $3,600.
In response to these events, trading firm QCP Capital described the U.S. session as “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” QCP Capital wrote in its latest update to Telegram channel subscribers.
QCP referred to next week’s macro data releases, including the Consumer Price Index (CPI) and the Federal Reserve meeting to determine interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” it continued.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
Despite this, the firm saw local lows on BTC and ETH as “a good opportunity to buy the dip” given potential future Fed moves that might benefit risk assets.
Regarding key BTC price levels, analysts highlighted the monthly open around $67,500 as crucial support if weakness continues.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase wrote on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive sign emerged with a leverage flush across Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush. $ETH also lost about $800M for a total of well over $2B for just BTC & ETH combined,” trader Daan Crypto Trades noted.
Previously, Cointelegraph reported on global liquidity trends already supporting a BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.