There were big changes in the world of cryptocurrencies in the first week of June 2024. From changes in the market to new technologies and big investments, these top 10 updates show how quickly things are changing in the crypto world right now.
Here is a short summary of the most important events that affected the cryptocurrency market in early June.
GameStop Stock and Meme Tokens Surge as Keith Gill Returns to Reddit
Keith Gill, who is famous for his part in the 2021 GameStop short squeeze, came back to Reddit and posted his GameStop (GME) options positions. This caused a huge rise in meme tokens and other related stocks.
Gill used the alias “DeepFu*kingValue” to reveal that he owned $116 million worth of GME shares and $63 million worth of call options, making a net profit of $6.8 million.
Cat-themed meme tokens and GameStop shares both went up a lot after this post. They went up by over 200% and 80%, respectively. Gill’s market influence is still strong, which is fueling a speculative frenzy in many assets.
Trump Conviction Barely Dents His Odds of Winning the Election: Prediction Markets
Even though he was convicted, Donald Trump still has a good chance of winning the 2024 U.S. presidential election. On the cryptocurrency-based Polymarket, Trump’s guilty verdict didn’t have much of an effect on the value of his contract, which meant that his chances didn’t go down much.
Trump now has a 54% chance of winning, which is two percentage points less than last week. Another betting site, PredictIt, shows that Trump still has a small but steady lead over Vice President Biden. The market agrees with legal experts that Trump is not likely to go to prison, so there is still a 76% chance that he will not go to jail.
Galaxy Digital to Benefit From Improving Political Sentiment Toward Crypto in the U.S.: Benchmark
Benchmark has added Galaxy Digital to its coverage and given it a buy rating and a price target of C$19. The report says that Galaxy Digital is in a good position to benefit from the fact that politicians in the U.S. are becoming more open to cryptocurrencies.
This is shown by the fact that the Financial Innovation and Technology for the 21st Century Act was passed by both parties. The company has done better since January, when 11 spot bitcoin ETFs were approved, and since the recent halving event.
Galaxy Digital has a strong balance sheet and a lot of trading relationships, which are good for its future. Through its GalaxyOne brokerage business, the company could get more institutions to use digital assets.
BlackRock BTC ETF Tops $20B in AUM
Spot bitcoin ETFs that are traded in the U.S. saw a comeback, adding $2.4 billion worth of bitcoin over the last month. After a stretch of flat to negative flows, this recent run of new money coming into BlackRock’s iShares Bitcoin Fund (IBIT) has helped it reach over $20 billion in assets under management (AUM).
Since May 16, the ETFs have had net inflows of $152 million per day, or 15 sessions in a row. BlackRock’s IBIT saw the most money come in. During that time, it gained $1.1 billion and now holds $20.15 billion worth of bitcoins. This new interest shows that bitcoin ETFs will be around for a long time, even though they have been sold off in the past.
Ether Prices Could Touch $22K by 2030: VanEck
VanEck thinks that ether (ETH) could reach $22,000 by 2030, which is a big jump from where it is now, which is about $3,850. This prediction is based on Ethereum’s ability to change many fields, such as banking, payments, finance, and more. VanEck’s thesis includes the hope that ether exchange-traded funds (ETFs) will be approved.
This would make the asset easier for institutions and advisors to get. The report also talks about how Ethereum can lower costs, make things more efficient, and make things more clear, which could mean that blockchain-based solutions take some of the market share that traditional institutions have. VanEck thinks that ether will bring in $66 billion in free cash flows by 2030.
Bitcoin Prices Could Hit $150K by 2024-End on Hopes of Donald Trump Being Re-Elected: Standard Chartered
Standard Chartered thinks that Bitcoin (BTC) could reach $150,000 by the end of 2024. This is because Donald Trump might be re-elected, which is seen as good for the crypto industry. It is also expected to reach $200,000 by the end of 2025.
Bitcoin’s outlook has been improved by recent money coming into spot BTC exchange-traded funds (ETFs) and a better mood in the market. The fact that ether (ETH) ETFs were approved and that both Cathie Wood’s Ark Pulls Back From Ethereum ETF, Likely Due to Fee War
Ark, run by Cathie Wood, has dropped out of the race to launch an Ethereum (ETH) ETF. This is likely because there is a lot of fee competition. Like other crypto ETFs, Ark had low fees, which meant it didn’t make much money even though demand was high. Ark 21Shares Bitcoin ETF costs 0.21%, about the same as other ETFs on the market but much less than ETFs that don’t hold bitcoin. The decision to pull back is a result of the fierce fee war, where firms like Franklin Templeton charge fees as low as 0.19%. Even though Ark has a big presence in the industry and a lot of funds related to ether, this move shows how hard it is for investors to make money in the ETF market because of the low fees. Thursday, major trader Keith Gill, also known as “Roaring Kitty,” updated his $586 million position in stocks and options, which caused shares of GameStop (GME) to jump 47%. The price of the Solana-based meme token GME went up over 80% in 24 hours after this announcement. It has nothing to do with GameStop. The micro-cap AMC token also went up 83%. Gill became famous during the 2021 GameStop short squeeze. He sparked interest in meme coins again, which has caused the GME token to rise by 3,000% since mid-May and now have a market value of $120 million. People who follow the market and bet on Polymarket think that Keith Gill, also known as “Roaring Kitty,” could buy a billion dollars‘ worth of GameStop (GME) stock by Friday. Gill just recently posted a $583 million position in GME, which means he made $382 million. After market hours, GameStop shares went up to $61 after going up 47% to $46. There have been over $120,000 in polymarket bets on Gill becoming a billionaire, which has caused the “yes” odds to rise to 50%. Gill would own a billion dollars worth of GME if it hit $70. This is because he owns 5 million shares and 12 million shares through call options. People who follow the market and bet on Polymarket think that Keith Gill, also known as Roaring Kitty, could buy a billion dollars worth of GameStop (GME) stock by Friday. Gill recently said that he had a $583 million position in GME and was making $382 million from options and stock positions. Shares of GameStop went up 47% to $46 and then went up to $61 after the market closed. There have been over $120,000 in polymarket bets on Gill becoming a billionaire, which has caused the “yes” odds to rise to 50%. Because of Gill’s changes, the value of a fake GME token on the Solana blockchain also went up by 220%.GameStop-Inspired Solana Memecoin Soars Over 80% as Roaring Kitty Flashes $586M Worth of GME Position
Polymarket Bets Place 50% Odds on Keith Gill Becoming GameStop Billionaire by the End of the Day
Polymarket Bets Place 50% Odds on Keith Gill Becoming GameStop Billionaire by the End of the Day
Key Takeaways