Bitcoin Price Soars $BTC Due to GameStop Speculation
Hello Trader Friends
The price of Bitcoin has surged sharply following reports of GameStop's potential entry into the cryptocurrency market. The news has sparked renewed interest in digital assets, reviving memories of the retail trading frenzy in 2021.
Bitcoin is trading higher as GameStop shares jumped nearly 20%, rising from $26 to $31 in after-hours trading due to speculation that the video game retailer may pivot to Bitcoin and other cryptocurrencies.
GameStop's Strategic Shift to Bitcoin
According to a CNBC report, GameStop is considering moving into Bitcoin investment as part of its evolving market strategy.
The company's shares soared from $26 to $31 in after-hours trading following the news, reflecting investor optimism about its potential cryptocurrency exposure.
The report, citing unnamed sources, suggests that the retailer aims to diversify its holdings and capitalize on the growing appeal of Bitcoin.
Previously, GameStop ventured into the Web3 market with an NFT marketplace and crypto wallet. The company collaborated with Immutable and other industry partners, aiming to trade tokenized in-game assets and collectibles. However, the company shut down its NFT marketplace in early 2024, citing "regulatory uncertainty."
