• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Why Bitcoin Missed the $89,000 Mark After GameStop News

user avatar

by Giorgi Kostiuk

a year ago

Bitcoin failed to hit a new high of $89,000 following GameStop's BTC treasury strategy announcement, despite market expectations.

Bitcoin's Growth Stalls

Bitcoin (BTC) stalled below the $89,000 level, even though GameStop's announcement about BTC treasury strategy was expected to support a bullish trend. This reflects market uncertainty and contributing factors.

Impact on US Risk Assets

The BTC pullback coincided with declines in US risk assets. The S&P 500 and Nasdaq indexes closed 0.8% and 1.6% lower, respectively, erasing some gains made earlier in the week. New fears about the US debt ceiling added to investor caution.

Investor and Analyst Expectations

Despite GameStop's move, similar to MicroStrategy's BTC accumulation, BTC's price failed to maintain upward momentum. Investors and analysts wonder if traditional institutional BTC buying can still spur asset rallies. Prominent analyst James Check highlighted concerns that companies like GameStop cling to Bitcoin as their last resort, which might signify a Bitcoin peak.

Zombie companies like GameStop 'doing a Saylor' as a get-out-of-jail-free card would be a clear bullish signal.James Check

The Bitcoin market remains uncertain despite corporate decisions. Market participants continue to monitor investor sentiment and macroeconomic reactions.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Shiba Inu SHIB Investors Could Have Turned $10 into $1 Million

chest

Early investors in Shiba Inu saw massive returns, with a potential $1 million profit from a $10 investment.

user avatarFilippo Romano

Three Silicon Valley Engineers Arrested for Allegedly Stealing Trade Secrets from Google

chest

Three Silicon Valley engineers arrested for allegedly stealing trade secrets from Google.

user avatarEmily Carter

SEC Chair Paul Atkins Discusses Future of Crypto Regulation at ETH Denver

chest

SEC Chair Paul Atkins discusses the agency's plans for crypto regulation at ETH Denver, emphasizing the need for a clear regulatory framework despite congressional delays.

user avatarTomas Novak

Mignolet Warns of Structural Changes in Bitcoin Market Narratives

chest

Mignolet raises concerns about the impact of on-chain analytics on market narratives and investor expectations.

user avatarKaterina Papadopoulou

XRP Social Media Sentiment Surges to Five-Week High

chest

Data shows that the social media sentiment toward XRP has surged to a five-week high, while Bitcoin and Ethereum remain dull.

user avatarMaya Lundqvist

House Democrats Call for Investigation into World Liberty Financial

chest

A coalition of over 40 House Democrats is urging the Treasury Department to investigate World Liberty Financial due to potential conflicts of interest and national security risks.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.