The news of the week: GameStop’s rise sends Roaring Kitty shares into…

Top news this week

GameStop’s surge sends Roaring Kitty shares to $1 billion

Keith Gill, also known by his online nicknames “Roaring Kitty” and “DeepFuckingValue,” could soon become a billionaire thanks to his investments in GameStop (GME) stock. The trader, known for the GameStop short squeeze in 2021, saw the value of his holdings increase after announcing a new $180 million investment in GME stock. This announcement caused GameStop’s stock price to rise significantly, increasing its market value and ranking it among the 400 largest public companies in the United States. Meanwhile, Gill is under scrutiny and possible investigation for market manipulation.

Open Interest in Bitcoin Rises Rapidly, Traders Warn of a ‘KO’

Bitcoin open interest increased by $2.02 billion over three days, reaching a total of $36.92 billion on June 6. This rise has led traders to speculate on a potential sawsaw effect – a sudden reversal in price direction – due to the large size of leveraged positions. Experts point out that while this may lead to short-term price corrections, it also shows an increase in speculative activity which may impact Bitcoin price fluctuations.

New law gives US president power to block access to digital assets

A new US law gives the president significant powers to block access to digital assets, particularly targeting foreign entities linked to terrorism. The law, called the Terrorism Financing Prevention Act, broadly defines digital assets, including any digital representation of value cryptographically recorded on distributed ledgers. Critics argue that the law’s broad scope could push users toward KYC-compliant and permissioned blockchains, which effectively control the digital asset landscape.

The largest Bitcoin mining company sold 63% of the Bitcoin mined in May

Marathon Digital sold 63% of its Bitcoin production in May, or 390 of the 616 Bitcoins mined, according to its first report after the Bitcoin halving event. This large sale contrasts with other mining companies such as Riot Platforms, which sold no bitcoin, and CleanSpark, which sold a small portion. Miners are looking to expand their fleets and improve efficiency to remain competitive as rewards decline. For example, CleanSpark is said to be “very active in mergers and acquisitions,” while Marathon is exploring outside opportunities.

Cryptocurrency Exchanges See $3 Billion Ethereum Outflow Since ETF Approval

Since the May 23 approval of Ethereum exchange-traded funds in the United States, more than $3 billion worth of Ethereum has been withdrawn from centralized cryptocurrency exchanges, indicating a potential supply squeeze future. The amount of ether on exchanges decreased by approximately 797,000 between May 23 and June 2, the equivalent of $3.02 billion, according to data from CryptoQuant. Lower foreign exchange reserves indicate that fewer coins are available for sale as investors place their coins in personal custody for purposes other than immediate sale.

Winners and losers

And at the end of the week, Bitcoin (Bitcoin) he is in $71,248ether (Ethereum) In $3,813 And XRP In $0.52. The total market capitalization is $2.64 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Notcoin (No) 82.72%, JasmyCoin (Jasmi) By 38.05% and ORDI (Urdu) By 26.99%.

The three biggest altcoin losers this week are Bitget Token (with a forest) At -11.60%, Beam (Al-Hazm) At -10.93% and Bunk (Good) At -9.70%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most quotes are memorable

“This is really the first wave of early adopters, and I think the next wave will be much larger companies. »

Jenny JohnsonPresident and CEO of Franklin Templeton

“By the end of the decade, AGI machines will be smarter than you and me; “We will have superhuman intelligence, in the truest sense of the word.”

Leopold Aschenbrennerformer researcher at OpenAI

“A wise balance between sensible regulation and solid research is the basis of Switzerland’s success. (…) Innovation requires the freedom to be creative!

Alexander Brunnerconsultant to AI, blockchain and Web3 companies

“If people understood the implications of the change in Washington, DC, the cryptocurrency market would reach unprecedented heights.”

Matt Hoganinvestment director at Bitwise Asset Management

“We are not Ethereum Maxis; “We are working to limit the maximum limits.”

Eli Ben SassonStarquare CEO

“(The) SEC knew it was in trouble because of the ETH ETF.”

Bernstein

Weekly forecast

Bitcoin Bull Market’s “Most Important Chart” Hits New All-Time High of $94 Trillion

Bitcoin is poised to extend its current uptrend thanks to a record increase in global liquidity. A recent analysis by Philip Swift, founder of on-chain data platform LookIntoBitcoin, showed that global liquidity is approaching $100 trillion.

The Bitcoin and cryptocurrency markets are notoriously sensitive to global liquidity trends. This is the conclusion reached by Swift, whose platform tracks the global M2 money supply and compares it to the behavior of the Bitcoin price.

In US dollars, M2 now stands at $94 trillion – more than ever and $3 trillion more than when Bitcoin hit its all-time high of $69,000 in late 2021.

Since hitting a local low of $85 trillion in late 2022 – coinciding with a bear market in cryptocurrencies – M2 has rebounded 10%.

“The most important chart in this uptrend has hit a new all-time high,” Swift wrote, in part, on X. “Are you ready?

FUD for the week

Hackers exploit Chrome plugin to steal millions from Binance accounts

A Chinese trader lost $1 million to a hack using a promotional Google Chrome plugin called Aggre. The promotional plugin steals users’ cookies, which hackers use to bypass the password, verify two-factor authentication, and log into the victim’s Binance account. The trader under the pseudonym CryptoNakamao shared his painful experience on May 24 after detecting unauthorized trading activity on his Binance account. By the time they sought help from Binance support, the hacker had already withdrawn all the funds.

New York lawyer charges 3 people linked to “Evolved Apes” NFT scam.

Three British nationals linked to a non-fungible “carpet pulling” scam have been charged in the United States with conspiracy to commit wire fraud and money laundering. The defendants allegedly raised prices for 10,000 NFTs based on false promises that they would develop a video game before funneling the funds overseas and abandoning the project, the U.S. Attorney’s Office for the Southern District said of New York in a press release dated June 6.

The developer posted the secret key on GitHub and lost $40,000 in two minutes.

Brian Guan, co-founder of live streaming app Web3 Unlonely, announced a $40,000 loss after accidentally releasing his wallet keys on GitHub. He shared on X that the secret keys were in a repository that he made public. The developer said he forgot his secret keys were in the repository. Asked about the timeline of the theft, Guan revealed that it only took two minutes for someone to exploit the exposed keys and drain his money.

This week’s best magazine articles

Become a digital crypto nomad in Bali like me: here’s how

Living as a cryptocurrency digital nomad in Bali costs 61.5% less than living in the United States. So what’s stopping you?

Polygon never planned to beat Ethereum: Anurag Arjun, X Hall of Flame

The goal of the PoS network was to “provide something useful for users to get feedback from,” says Anurag Arjun, co-founder of Polygon and Avail.

Longevity expert: artificial intelligence will help us become “biologically immortal” from 2030

“Longevity escape velocity” occurs when our lifespan is extended by technology faster than we age. José Luis Cordero says this will happen around 2030.

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Editorial committee

Cointelegraph editors and journalists contributed to this article.