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Friday, March 5, 2021

The Boom In GameStop Has Allowed Bitcoin Price To Cling At Around $31K

With the cryptocurrency rushing towards investment through decentralization, the implications are clear- it will only enhance the stability of the Bitcoin price. And this has come from quite a few investors amidst the massive outrage that has taken place at the performance of GameStop. The cryptocurrency, on its part, showed very minimal signs of improvement on the 27th of January. Yet, one major investor is of the opinion that this will definitely help build up a new trend among other investors. Also, this will promote GameStop- as most eyes have been on the price volatility of this firm. 

How Is GameStop Assisting Bitcoin Price?

If compared, the price volatility of GameStop has definitely dwarfed the price volatility of Bitcoin, with a gain of 3000% which most analysts have found pretty dangerous. Several reports have surfaced which show the USD and BTC suffer from the pressure of selling almost 24 hours after it traded at $30,900. Yet, in a consolidatory move for bitcoin prices, the price behavior was briefly interspersed with a volatile increase which broke the camel’s back. The cryptocurrency reached above $30,000- only to fail at $35,000. 

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There are multiple narratives about the growth of Bitcoin prices in the media, with most of the attention being focused especially on yet another asset. According to major commenters, GameStop is a stock that needs to be monitored by United States regulators. Interestingly, the penny stock did deliver gains of about 700% in a previous couple of weeks. 

However, for the Bitcoin price, the substance is what matters, and not the style of GameStop. Anthony Scaramucci spoke about the participation of retail investors in the boom currently undergoing GameStop- which is proof of the cryptocurrency market slowly changing its face. The owner and founder of SkyBridge Capital recently mentioned that Bitcoin will definitely work- seeing the activity of GameStop. 

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