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GameStop's stock experienced a significant surge in extended trading following reports that the company is contemplating investments in cryptocurrencies like bitcoin. This speculation was fueled by a recent social media post by GameStop CEO Ryan Cohen, who shared a photo with Michael Saylor, known for his company's substantial bitcoin holdings. Although Saylor is not directly involved in GameStop's crypto strategy, the association has led to increased interest in GameStop's potential moves in the cryptocurrency space. The company, which has seen its stock value nearly double over the past year, has not officially commented on these reports. This news comes at a time when GameStop has been navigating through a volatile market, particularly highlighted by the meme stock frenzy in early 2021, which saw Cohen joining the board and eventually becoming CEO.
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The cryptocurrency market experienced a lackluster day despite an initial rally spurred by better-than-expected U.S. inflation data. Bitcoin saw a slight decline of 0.5%, trading at $82,800, while the broader CoinDesk 20 index, which excludes exchange coins, stablecoins, and memecoins, dropped by 0.8%. Ether, in particular, underperformed, falling by 3.5% to around $1,880, significantly impacting the index. The ETH/BTC ratio has returned to levels last seen in April 2020, before the DeFi summer, indicating a substantial decrease from its peak in November 2021. Despite the lower-than-expected CPI, which should theoretically boost market confidence, the crypto sector did not react strongly, as noted by Dr. Youwei Yang from BIT Mining. He highlighted the complex economic environment, including Trump's tariffs potentially causing persistent inflation and market instability, which complicates the Federal Reserve's decisions on rate cuts. The market anticipates potential rate cuts by the Fed as early as May or June, with expectations of up to 100 basis points by October. Meanwhile, U.S. stocks saw a modest recovery, with the Nasdaq and S&P 500 gaining 1.2% and 0.5% respectively.
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HANetf has introduced Europe's first leveraged crypto exchange-traded commodities (ETCs), providing investors with new tactical trading options for volatile crypto assets. These include the 2x Long Bitcoin ETC, 2x Long Ethereum ETC, and 2x Short Bitcoin ETC, all listed on the Nasdaq Sweden exchange with a total expense ratio of 2%. This move is seen as a natural progression in the cryptocurrency market, offering transparent and regulated ways to navigate short-term market movements. Despite the launch, the crypto market has faced challenges, with bitcoin and ethereum prices dropping after an initial rally following President Trump's pro-crypto policies. Regulatory bodies like the Bank of England have issued warnings about the risks associated with cryptocurrencies, yet investor interest remains undeterred. The proliferation of crypto ETFs continues, with significant asset growth observed in both the US and Europe, highlighting the enduring appeal of digital assets despite market volatility and regulatory concerns.
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Aleksej Besciokov, a Lithuanian national, was arrested by Indian police on March 12 for his involvement in money laundering and running an unlicensed cryptocurrency exchange. Besciokov, who operated Garantex, a Russian crypto exchange, is accused by the US Secret Service of laundering millions of dollars in criminal proceeds between 2019 and 2025. Garantex was known to facilitate laundering for notorious ransomware groups including Conti, Black Basta, and Play. The exchange came under scrutiny and was sanctioned by both the US Department of the Treasury's Office of Foreign Assets Control (OFAC) in April 2022 and the European Union in February 2024 for failing to comply with anti-money laundering and counter-terrorism financing regulations. Following these sanctions, Garantex suspended its services, and US law enforcement seized over $26 million in illicit funds from the platform. Besciokov, who was vacationing in Kerala, India, with plans to escape, will now be extradited to the US to face trial in the Eastern District Court of Virginia.
