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Bitcoin’s price briefly surpassed $70,000, driven by four consecutive weeks of inflows into cryptocurrency investments,
amid a new frenzy surrounding GameStop (GameStop) shares, which is fueling speculation around meme coins.

According to a report by CoinShares International Ltd.,
inflows into crypto assets totaled $185 million in the week ending May 31.
Investors poured $2 billion into digital assets during May, including Bitcoin exchange-traded funds.

On Monday morning, Bitcoin’s price temporarily rose above $70,000 for the first time in a week.
Meanwhile, most other cryptocurrencies experienced price fluctuations after an initial rise.

Traders attributed these gains to an indirect effect from the rise in GameStop shares,
driven by a Reddit account that sparked the meme stock frenzy in 2021.

Additionally

A cryptocurrency on the Solana blockchain, which uses the name, logo, and symbol of GameStop,
surged over 120% on Monday, according to CoinGecko,
a site that tracks cryptocurrency activity, despite the currency not being legally associated with the company.

This surge followed the rise in GameStop shares after Keith Gill,
known as “Roaring Kitty,” posted a screenshot on Reddit on Sunday showing his significant stake in GameStop shares.
On the other hand, the price of Dogewhatever, one of the most popular meme coins this year, remained largely unchanged.

Spencer Hallarn, head of over-the-counter trading at digital asset firm GSR, stated:
“The massive derivatives position supported GameStop after Roaring Kitty’s announcement on Sunday night,
The significant increases seen in Doge and Bitcoin are sparking a rise in cryptocurrencies within moments of his post being widely shared on Reddit.”

Shiliang Tang, head of the leading trading firm Arbelos Markets,
noted that the market was also influenced by new exchange-traded fund inflows at the start of a new month.
However, he emphasized that GameStop news over the weekend remains the main driver behind market gains.

The CoinShares report added that Ethereum saw a second week of inflows following the excitement
generated by the approval of exchange-traded funds investing directly in Ether in the United States.

Bitcoin Price Temporarily Exceeds $70,000 Amid GameStop

Bitcoin Price Temporarily Exceeds $70,000 Amid GameStop

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