Main notes
- Gamestop’s short sales volume increased by 234 % within 24 hours of announcing Bitcoin’s purchase plans, reaching 30.85 million shares.
- Follow the decrease a rise in the trading volume that reminds us of the short pressure 2021, which prompted NYSE to impose a restriction on the open for sale (SSR).
- Some analysts, such as Han Akamatsu, compares the current Gamestop path for Microstrategy for 2021 for convertible observations to purchase Bitcoin.
Gamestop Corp (NYSE: GME) shares with more than 22 % on March 27, two days after the company announced a plan to build its Bitcoin reserves. After announcing the BTC plan, the GME trading volumes rose to similar levels of Gamestop 2021 pressure, forcing the New York Stock Exchange (NYSE) to assume restriction on sale on the open (SSR).
SSR falls into force whenever the share price decreases more than 10 % of the closure of the previous day. With its latest collision, Gamestop shares lost their gains by 12 % that accumulated after the announcement of Bitcoin backup plans. During the closing session of yesterday, the GME arrow was traded at $ 22.09.
According to the data from TradingView, the size of the Gamestop (GME) increased by 234 % within 24 hours, climbing to 30.85 million shares sold from March 27.
This number is much closer to the levels seen in January 2021, when the stock rose due to “short pressure”, which leads to great losses for short sellers and other hedge boxes. During that period, the peak was 33.26 million shares on January 19.
In X Publication, Malone Wealth and CEO Kevin Malone commented on GME stock moves.
Bitcoin Gamestop plans
A day after the company announced its Bitcoin reserve plans, it also revealed that it would publish $ 1.3 billion, among its cash reserves of $ 4.7 billion, to buy Bitcoins. Gamestop has revealed that the transformed upper notes will be used for public companies, including Bitcoin acquisition.
Some analysts attribute the arrow to announce the announcement of the convertible observations. In a publication on March 27, Han Akamatsu stated that Gamestop stocks are declining for the same reason that the strategy retreated after issuing convertible notes.
Besides Gamestop, the BTC price is also witnessing some sale pressure, as it decreased by 1.7 % today and decreased less than $ 86,000.
the next
Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
Bhushan is enthusiastic about technology and carries a good tendency to understand the financial markets. His interest in the economy and financing draws his attention towards emerging technology markets and emerging technology. He is in a continuous educational process and keeps himself excited to share his acquired knowledge. In spare time he reads fictional excitement novels and sometimes explores his cooking skills.
The post GameStop (GME) Stock Crashes 22% After Bitcoin Reserve Plan, Here’s Why first appeared on Investorempires.com.
