Crypto

Crypto Market Analysis

Crypto Market Analysis | 7 June 2024 

Crypto Market Analysis

Yesterday, Bitcoin (BTC) surged to $71,700 following the European Central Bank’s (ECB) rate cut. However, the rally was short-lived, BTC quickly fell and almost dipped below $70,000 before stabilizing slightly above that mark today. In the same period, Uniswap’s token (UNI), Chainlink’s LINK, and Near’s NEAR all saw declines of 3%-5%.

Semler Scientific, a medical device maker, has acquired an additional $17 million worth of Bitcoin, bringing its total holdings to $74 million. The company plans to raise $150 million to purchase more Bitcoin. This move follows Semler’s previous $40 million investment in Bitcoin, which led to a 25% surge in its stock price.

Meanwhile, GameStop stock surged 47% after influential trader Keith Gill, known as Roaring Kitty, revealed his $586 million position in the company. This sparked a rally in GameStop (GME) inspired meme tokens on the Solana blockchain, with the GME token soaring over 80%. Gill’s return to social media after a three-year hiatus has driven the GME token up over 3,000% since mid-May, pushing its market capitalization past $120 million.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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