Reported 6 months ago
Bitcoin briefly surpassed $70,000 as crypto investment products saw inflows for the fourth consecutive week, driven by the GameStop frenzy and memecoin speculation. Inflows of $185 million were recorded in the week through May 31, with investors putting $2 billion into digital-asset products, including Bitcoin ETFs. The surge in Bitcoin was attributed to a spillover effect from GameStop's gains fueled by a Reddit account, leading to a rise in other cryptocurrencies. A cryptocurrency on the Solana blockchain using GameStop's name and logo surged over 120% on Monday, despite having no affiliation with the company. Ethereum also saw increased inflows, following excitement over ETFs investing in Ether in the US.
Source: YAHOO