🕹️ GameStop Makes $513 Million Bitcoin Investment
GameStop has entered the crypto space by purchasing 4,710 bitcoins, valued at approximately $513 million. This move follows the company's earlier announcement in March about its plans to adopt Bitcoin as a treasury reserve asset. The investment aims to diversify GameStop's financial strategy amidst challenges in its core business. Despite the bold move, GameStop's stock experienced a decline of 8.8% in midday trading following the announcement .
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📈 XRP Eyes 48% Surge Amid ETF Optimism
XRP's price is poised for a potential 48% increase as the U.S. Securities and Exchange Commission (SEC) begins a formal review of WisdomTree's proposal for a spot XRP Exchange-Traded Fund (ETF). This development has sparked bullish sentiment among traders, with technical analyses suggesting a target price of $3.40 if the ETF gains approval .
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🚀 Bitcoin's Bullish Outlook: $130K to $1.5M?
Bitcoin recently reached a new all-time high, surpassing $111,000. Analysts attribute this surge to favorable macroeconomic factors, increased institutional interest, and positive regulatory developments. Projections for Bitcoin's price vary, with some experts predicting it could reach $130,000 by year-end, while others foresee a long-term target of $1.5 million, driven by institutional inflows and the growth of the stablecoin economy .
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🤖 Telegram Partners with Elon Musk’s xAI
Telegram has announced a partnership with Elon Musk's artificial intelligence company, xAI, to integrate xAI's chatbot, Grok, into the messaging platform. As part of the agreement, xAI will pay Telegram $300 million in cash and equity, along with 50% of revenue from xAI subscriptions sold via Telegram. This collaboration has led to a significant boost in Toncoin (TON), with its price jumping 16% following the news .
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🏛️ U.S. Labor Department Revises Crypto Guidance for Retirement Plans
The U.S. Department of Labor has withdrawn its 2022 guidance that discouraged the inclusion of cryptocurrencies in 401(k) retirement plans. This policy reversal signals a shift to a more neutral stance regarding crypto assets in retirement portfolios, aligning with the current administration's pro-crypto approach .
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📉 Bitcoin Funding Rate Turns Negative
Despite Bitcoin's recent price surge, its funding rate has turned negative, indicating that traders are paying to maintain short positions. This development suggests a bearish outlook in the market, as traders anticipate potential price corrections. Additionally, top altcoins like Solana, BNB, and ADA are experiencing increased short pressure .
