GameStop Acquires Bitcoin for Its Treasury

Cryptocurrency markets are trading relatively flat on Tuesday as GameStop announced the acquisition of Bitcoin for its treasury.

Cryptocurrency markets are trading relatively flat on Tuesday. GameStop has announced that it will be adding Bitcoin to its treasury.

Notable Statistics:

* S&P 500 closed at 4370.24, up 0.1%.

* Nasdaq 100 closed at 13461.94, down 0.2%.

* Bitcoin closed at $87,438.0, down 0.2%.

* Ethereum closed at $2,159.6, up 0.1%.

Notable Developments:

* GameStop (NYSE:GME) has announced that it will be adding Bitcoin to its treasury. The move comes as the video game retailer looks to diversify its investments.

* Stock markets are trading relatively flat, with the S&P 500 and Nasdaq 100 both closing slightly lower.

* Bitcoin has pulled back slightly from recent gains, but remains above the key $80,000 level.

Top Gainers (24 Hour)

Coin Ticker Price Change (24 Hrs)

1. STEPN (STEPN) $12.18 11.3%

2. Optimism Token (OP) $1.96 7.6%

3. Frax Share (FRX) $24.43 6.4%

4. Aave (AAVE) $49.86 5.7%

5. Ankr (ANKR) $0.693 5.4%

Trader Notes:

Crypto trader Altcoin Sherpa predicts a breakout into the low $90,000s, signaling "we're so back," and then a potential dump.

watching $BTC closely, seeing if something like this happens. Breakout to low 90ks, 'we're so back' and then dump it pic.twitter.com/VRYctvWYeM

— Altcoin Sherpa (@altcoin_sherpa) August 14, 2023

Daan Crypto Trades attributes Bitcoin's recent volatility to stock market movements, highlighting BTC's strong correlation with the S&P 500 (SPX).

Bitcoin chart looks interesting.

We're still in a strong uptrend.

Recently we've seen some volatility which is mainly driven by the stock market.

As you know, BTC has a high correlation with the S&P500 (SPX).

So we're closely watching both markets. #BTC

— Daan Crypto Trades (@DaanCrypto) August 14, 2023

CrypNuevo observes Bitcoin's bounce from the 1W 50 EMA, suggesting it's likely the bottom. A full recovery depends on reclaiming $91,500, while a revisit to $82,000-$81,000 remains possible.

#BTC bouncing off the 1W 50 EMA.

Likely the bottom.

Full recovery depends on 91.5k+.

Still possible we see a deeper retracement to 82k-81k on lower timeframes if we fail to hold 91.5k on the 1W chart.

For now, let's see if we can get some higher highs.

Thoughts?

— CrypNuevo (@CrypNuevo) August 14, 2023

Santiment data reveals Bitcoin's surge to around $88,350 after bottoming at around $77,500 two weeks ago. The recovery is linked to whale accumulation, with wallets holding 100–10,000 BTC increasing. As usual, the market improves when whales step back in.

🐳📈 Bitcoin's price has rallied all the way to ~$88,350 after things looked grim two weeks ago at ~$77,500. Shortly after that local bottom, we began to see a rise in total wallets holding 100 to 10K $BTC. As usual, markets have looked better since whales resumed accumulation. pic.twitter.com/3zZfyOnCeY

— Santiment Foundation (@santiment_io) August 14, 2023

Stockmoney Lizards views Bitcoin corrections as temporary, considering any price below $80,000 an accumulation opportunity, regardless of the recovery time.

Any price below 80k is an opportunity to accumulate $BTC.

It doesn't matter how long it takes to recover.

We're still in a bull market and the current correction