GameStop Jumps on Bitcoin Bandwagon, XRP Risks Bearish Moves

GameStop's stock price surged nearly 12% following its announcement of Bitcoin purchase plans

Daily Crypto Signals: GameStop Joins Bitcoin Bandwagon, XRP Risks Bearish Moves

GameStop’s stock price soared nearly 12% on Thursday after it announced plans to buy some Bitcoin, a move that comes as part of a broader strategy to diversify investments and counter the broader cryptocurrency market which saw mixed developments.

This includes a delisting on Hyperliquid and scrutiny over a Polymarket outcome, alongside the SEC’s plans for further regulatory discussions.

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Bitcoin continues to struggle below $100,000 despite persistent institutional interest, while Ethereum aims to recover the $2,000 support amid the Pectra upgrade.

One trader highlighted a potential significant correction for XRP.

Crypto Market Developments: Hyperliquid Delists JELLY, Polymarket Faces Governance Concerns, SEC Plans Roundtables

In a move that affected several traders, Hyperliquid, a decentralized exchange, delisted perpetual futures for the JELLY token, citing “suspicious market activity” and promising to reimburse affected users.

Attention turned to Prediction Market Polymarket following the outcome of a high-stakes wager on a US-Ukraine mineral deal, leading to questions over governance manipulation.

After its first roundtable conference earlier this week, the US Securities and Exchange Commission announced intentions to organize four more crypto roundtables focusing on trading, custody, tokenization, and DeFi on the regulatory front.

Bitcoin Still Struggles Below $100K Despite GameStop’s Entry into Corporate Treasury

The flagship cryptocurrency is yet to reclaim the $100,000 mark despite encouraging news flow and increasing institutional interest.

One such instance saw GameStop revealing plans to commit a part of its corporate reserves to Bitcoin.

The announcement saw GameStop’s stock price jump significantly, an occurrence that follows 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. This includes problems like 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 Lags Broader Market Amid Bearish Pattern Warning

In other news, XRP continues to lag behind the broader cryptocurrency market despite a recent surge.

The rally follows news on the Ripple-SEC litigation.

One prominent trader, Peter Brandt, spotted 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 who highlighted a good breakout from a declining wedge formation, typically driving notable price increases.

The next few weeks will be pivotal in establishing a clear direction, particularly if XRP manages to recover the $2.50 level.