Hodler’s Digest, June 2-8 – Cointelegraph Magazine

Top Stories This Week

GameStop rally sends Roaring Kitty’s shares to $1B

Keith Gill, also known by his internet nicknames “Roaring Kitty” and “DeepFuckingValue,” could soon emerge as a billionaire due to his investments in GameStop (GME) shares. The trader, known for the GameStop short squeeze in 2021, has seen his holdings rise in value after he announced a new $180 million investment in GME shares. The announcement led to a significant increase in GameStop’s stock price, boosting its market capitalization and ranking it among the top 400 public companies in the U.S. Meanwhile, Gill faces scrutiny and a potential investigation for market manipulation.

Bitcoin open interest goes meteoric, traders warn of a ‘whipsaw’

Bitcoin’s open interest increased by $2.02 billion over three days, totaling $36.92 billion on June 6. The spike has led traders to speculate about a potential “whipsaw” effect — a sudden reversal in price direction — due to the high volume of leveraged positions. Experts suggest that while this might lead to short-term price corrections, it also shows increased speculative activity that could influence Bitcoin’s price volatility.

New law grants US president power to block digital asset access

A new U.S. law grants the president significant powers to block access to digital assets, specifically targeting foreign entities linked to terrorism. The law, called the Terrorism Financing Prevention Act, defines digital assets broadly, encompassing any digital representation of value cryptographically recorded on distributed ledgers. Critics argue that the law’s expansive scope could push users toward Know Your Customer-compliant, permissioned blockchains, effectively controlling the digital asset landscape.

Largest Bitcoin mining firm sold 63% of mined BTC in May

Marathon Digital sold 63% of its Bitcoin production in May, which amounted to 390 out of 616 BTC mined,…

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