GME and AMC stock surge may impact crypto meme coins, BTC not so much?
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GME and AMC stock surge may impact crypto meme coins, BTC not so much?

The current crypto meme is GEMZ and AMC stock, a coincidence that may lead some to believe that this may also transfer to the price of BTC. This strikes me as highly unlikely, as the GEMZ story has a lot of questions that still need answering.

So the weekend has come and gone and it looks like the market is in a bullish push. The crypto markets are up over 15% and the overall stock markets are up over 10% today. On the other hand, the cryptocurrency markets have been fairly stable and it looks like BTC is holding steady at the $3,500 mark.

With the price of Bitcoin surging, the new crypto meme coins are getting their moments in the spotlight. For the uninitiated, a meme coin is a crypto currency that is designed to mimic the success of a well-known meme, such as Chewbacca Coin, World Cup Coin, or Pizza Coin. While these coins were created as a joke, their creation has opened up a new world of opportunity to those whocode them, and the recent increase in Bitcoin values could have an unintended side effect that impacts these crypto meme coins.. Read more about amc share price and let us know what you think.

This year, actions like those of movie theater chain AMC Entertainment and video game retailer GameStop (GME) have become a way for individual retailers to express their opposition to the so-called free market. These meme actions, launched in late January and based on the sentiment of Reddit communities like r/Wallstreetbets, have seen tremendous growth this year. GameStop had a return of 1,069.80% for the year, while AMC had a return of 1,919.34%. At this rate, they should have returns of 2.440% and 4.378% per year, respectively. Around the same time, bitcoin (BTC) broke through the $50,000 mark for the first time in history following the infamous shorting of GME shares and the purchase of Tesla for $1.5 billion. Although BTC’s price momentum has continued and the 14. In April it reached a record high of $64,889, after which it fell sharply to the level that preceded the sharp rise in early January, which at the time of writing was about $35,000.

The correlation between GameStop/AMC and BTC is not clear

On 1. In June, AMC shares began to rise again, more than doubling in value in a single day. The stock rose from nearly $30 to a high of $65.57 during afternoon trading on the 2nd. June. BTC had a small bounce from below $35,000 on the same day to $35,000 on the 3rd. June range of $38,600. Since meme stocks and cryptocurrencies often trade solely on market sentiment and seem to be historically correlated in their upward movement, it is important to assess the correlation between the two, if any. Martin Gaspar, an analyst at CrossTower, a digital asset exchange, told Cointelegraph: There seems to be no correlation between the GME/AMC share price and the bitcoin price. With the scissor effect we saw earlier this year, the rise of GameStop and BTC was probably a coincidence. On the prospects of AMC in the near future, he added: AMC could very well be the new GameStop. Stock market forums and online memes show that many traders seem to believe in AMC, despite its higher price relative to fundamentals. Thanks to the recent craze of AMC memes, the company has even gotten a better credit rating. Analysts at S&P Global Ratings think the company is less likely to default after taking advantage of the meme craze to raise money in the stock markets. 11.55 million shares were sold at an average price of $50.85. Despite the fact that the company’s bonds are among the most speculative grade of bonds and are in close proximity to companies that have defaulted or are already in default, S&P upgraded the company to CCC+, two notches above its previous rating and seven notches below investment grade, or BBB-. In addition to the correlation aspect, Gaspar also noted: Recently, we have also seen the price of BTC drop as AMC takes off, further highlighting this correlation. The existence of a correlation between GME/AMC stocks is often difficult to prove, specifically due to the volatile nature of cryptocurrency markets. Johnny Liu, CEO of KuCoin, a crypto-currency exchange, told Cointelegraph: There are similarities between these assets only for traders who know how to profit from risky transactions, including bitcoin, which is under pressure from regulators and influencers, and assets that supposedly have no real prospects. The price swings of bitcoin and stocks are very familiar to old timers in the cryptocurrency market – pump and dump in action. AMC shares rose on the 2nd. June rises 95.22% to $62.55. The share price fell 17.92% following the announcement of the sale of 11.55 million shares. This, along with GameStop’s fluctuations earlier in the year, is proof that all scenarios are possible with these stocks due to the lack of fundamentals and information released on Reddit. Jim Cramer, host of CNBC’s Mad Money, noted that now may be a good time to get into GameStop and AMC, but he cautioned that if you’ve climbed the ladder from much lower levels, you need to take something off the table. These stories can always be faked. Do Kwon, co-founder of Terra, a protocol for stable currencies backed by fiat currency, detailed the connection between Reddit and these actions, reports Cointelegraph : Both [GME and AMC] reflect the dissatisfaction of retail traders with current HFT [high frequency trading] and the asymmetry of the TradFi world. He added: It would not be surprising if this happened to other assets in the future, especially as social media evolves and people organize and interact with each other online. When it comes to stocks with an established correlation to bitcoin, MicroStrategy (MSTR) is the first stock that comes to mind, due to its large bitcoin holdings and the bullish stance of its CEO and founder Michael Saylor. The company has 92,079 BTC worth over $3.4 billion, which is 0.43% of the maximum token stock of 21 million tokens. Related: Bitcoin stocks: JPMorgan offers BTC, an ETF disguised as a sheep. The company was one of the first publicly traded companies to add bitcoin to its balance sheet and is also seen by investors in traditional financial markets as a substitute for BTC. Liu continued: The shares of companies that own bitcoins depend on their value. MicroStrategy lost a whopping 10% in one week; bitcoin lost the same amount. It’s okay if you have 90,000 BTC. MicroStrategy is even included in JPMorgan’s Cryptocurrency Exposure Basket (CEB), a debt portfolio consisting of 11 unevenly distributed stocks. These shares are either issued by companies that have BTC in their accounts as their own assets, or are associated with the cryptocurrency in a complementary way. In addition to MicroStrategy, which accounts for 20% of its total allocation, CEB also owns shares of Square, PayPal, Nvidia Corporation, Riot Blockchain, Advanced Micro Devices, Taiwan Semiconductor Manufacturing Company Ltd, Intercontinental Exchange, CME Group, Overstock.com and Silvergate Capital Corporation. Gaspar then described the performance of the BEC compared to the BTC: JP Morgan’s basket of cryptocurrency exposures probably did better than BTC because this basket includes companies that are not pure cryptocurrency companies. This insulates investors from changes in BTC. Nvidia, one of the companies in this basket, is currently at all-time highs, while BTC is down about 45%.

Appearance meme parts for meme piece movement

The impact of the meme-share phenomenon on the flagship cryptocurrency BTC remains unclear, as some moves seem random. However, this could herald a new meme currency rally, similar to the performance of Dogecoin (DOGE) and Shiba Inu (SHIB) earlier in May, Gaspar said: Traders speculate that meme currencies could be gearing up for a rally once the cryptocurrency market picks up. It’s important to note that the communities that caused meme shares to rise to these levels are also causing the rise in GameStop and AMC shares. Interestingly, Kwon said, the fundamentals of GameStop, AMC and DOGE are weak in their relative markets, but they represent a new kind of social sweet spot that is an expression of investor dissatisfaction with the existing constraints in the current system. Related: Long live Sheba? The rise of Dogecoin contenders is fueled by the meme craze. However, a meme coin backed by a motivated and decentralized community of online supporters ceases to be a meme after a certain point, as we saw with Dogecoin. It is likely that once these meme stocks are saturated by demand, some of that demand will shift to altcoins, or more specifically, to corner memes. Primarily through trading platforms like Robinhood, small traders have flooded the site looking for a way to make quick money while having fun with their friends.Crypto anxiety. It’s a real thing, and it often takes the form of a vague sense of impending doom. I don’t mean the doom brought on by the rise of a crypto war or the collapse of a cryptocurrency, but rather the doom brought on by the inevitable realization that, no matter how much we may love the technology behind cryptocurrency, the market is a fickle beast that is constantly threatening to take our assets down in a flash of jittery lightning.  As of this writing, Bitcoin [BTC] and Ethereum [ETH] are at all-time lows and people are pondering whether it’s time to get out of this industry entirely… However, many of the same people who didn’t really understand the mechanics. Read more about is cryptocurrency legal and let us know what you think.

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