Meme Stocks Steal Crypto’s Thunder as GameStop, AMC Soar, Bitcoin Trades Flat

(Kitco News) – Cryptocurrencies continue to see choppy price action post-halving, with little change in the overall picture as the market has been in a holding pattern for the past two and a half months as macroeconomic concerns rise. captured the focus of investors.

While cryptocurrencies traded sideways, shares rose at market close after the return of the meme stock frenzy delighted traders, who watched the price of GameStop (GME) rise 60% on Tuesday after surging 74% on Monday.

Along with GameStop’s gains, there were short squeezes at theater chain operator AMC (AMC), which saw its share price rise more than 100%, SunPower (SPWR), which rose 90%, Beyond Meat (BYND), which rose 25%, and Children’s Place, which gained 6%.

The rally in meme stocks came despite the latest Producer Price Index showing that wholesale prices rose 0.5% month over month in April, above the 0.3% expected. It remains to be seen how the market will respond to the April Consumer Price Index report, which will be released on Wednesday.

At the close, the S&P, Dow and Nasdaq ended in the green, up 0.48%, 0.32% and 0.75%, respectively.

Data provided by TradingView shows that Bitcoin (Bitcoin) pulled back from gains established on Monday, reaching a low of $61,045 near midday Tuesday and trading at a price of $61,590 at the time of writing, a drop of 2. 4% on the 24-hour chart.

BTC/USD Chart by TradingView

The sideways price action comes as flows into spot Bitcoin ETFs have slowed, with Monday’s data showing a minimum net flow of $66 million into three of the ETFs, while the other eight showed zero flows. in day.

On-chain analyst Ali Martinez noted that Bitcoin’s accumulation trend score is now approaching zero, meaning larger entities are selling Bitcoin instead of buying.

This fact led market analyst Mustaches to say: “You can sell everything here, OR you can just look at the history of $BTC and realize we’re at a pretty exciting point.”

And swing trader Roman helped provide additional perspective, noting that Bitcoin went through a similar three-month period of sideways price action following the 2020 halving before the bull market resumed and prices rose.

Altcoins in downtrend

Most tokens in the top 200 followed Bitcoin’s lead on Monday, with just two dozen projects reporting losses.

Daily cryptocurrency market performance. Source: Coin360

Arcblock (ABT) led the gainers with a 12.9% rise, followed by a 5.3% gain for BinaryX (BNX) and a 4.1% rise for SATS (1000SATS). Worldcoin (WLD) was the biggest loser, falling 15.3%, while Render (RNDR) lost 11% and SuperVerse (SUPER) fell 10.9%.

The total cryptocurrency market value is now $2.25 trillion and Bitcoin’s dominance rate is 53.9%.

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