Daily Crypto Signals: GameStop Jumps on Bitcoin Bandwagon, XRP Risks Bearish Moves
GameStop’s stock price surged nearly 12% following its announcement of Bitcoin purchase plans, a move financed by a $1.3 billion debt offering, while the broader cryptocurrency market experienced mixed developments including a delisting on Hyperliquid and scrutiny over a Polymarket outcome, alongside the SEC’s plans for further regulatory discussions.
Despite institutional interest, Bitcoin BTC/USD continues to struggle below $100,000, Ethereum ETH/USD eyes its Pectra upgrade, and XRP XRP/USD faces a potential significant correction according to one prominent trader.
Crypto Market Developments: Hyperliquid Delists JELLY, Polymarket Faces Governance Concerns, SEC Plans Roundtables
The cryptocurrency market saw a flurry of activity today, with decentralized exchange Hyperliquid delisting perpetual futures for the JELLY token citing “suspicious market activity” and promising to reimburse affected users. Following a dubious outcome of a high-stakes wager on a US-Ukraine mineral deal, Prediction Market Polymarket came under fire over questions regarding governance manipulation.
Following its first roundtable conference earlier this week, the US Securities and Exchange Commission announced intentions to organize four more crypto roundtables emphasizing trading, custody, tokenization, and DeFi on the regulatory front.
Bitcoin Struggles Below $100K Despite GameStop’s Entry into Corporate Treasury
The top cryptocurrency has battled to recover the $100,000 mark despite encouraging news flow and increasing institutional interest like GameStop’s plan to commit a part of its corporate reserves to Bitcoin. On the news, GameStop’s stock price jumped significantly, reflecting the good results other businesses like MicroStrategy and Metaplanet have experienced following Bitcoin treasury policies.
Still, questions persist over the infrastructure required for Bitcoin to completely fit into conventional financial institutions as well as problems including the cash-settlement restriction of US spot Bitcoin ETFs and uncertainty from some established investing companies.
Ethereum Reclaims $2,000 Support as Pectra Upgrade Looms
Although Ethereum’s price recovered the $2,000 support level, it is still well below the $2,500 barrier recorded previous in the month. Aimed to solve scalability and user experience problems, the Pectra network update that is scheduled for late April or early June is expected by the market.
Options traders seem less hopeful even if BitMEX co-founder Arthur Hayes has set a positive $5,000 price goal for ETH. Notwithstanding this, Ethereum remains the only altcoin with a spot ETF in the US and enjoys the highest total value locked (TVL) in DeFi, so implying strong underlying fundamentals.
XRP Underperforms Broader Market Amid Bearish Pattern Warning
XRP still lags behind the larger cryptocurrency market even with a recent surge brought on by news on the Ripple-SEC litigation. Veteran trader Peter Brandt saw on XRP’s chart a “textbook” head-and-shoulders pattern suggesting a possible price drop as low as $1.07 should the pattern complete.
This negative view runs counter to research from another trader pointing out a good breakout from a declining wedge formation, typically driving notable price increases. Establishing a clear direction in the next weeks depends on XRP’s capacity to recover the $2.50 level.
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