Bitcoin briefly climbs above $70,000 off of meme stock mania

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The digital currency market experienced a surge, with Bitcoin reaching a one-week high above $70,000. This uptick coincided with renewed interest in GameStop shares, fueled by the Reddit account behind the meme-stock mania of 2021. A cryptocurrency linked to GameStop on the Solana blockchain also saw a significant rise, despite having no official connection to the company.

Analysts attributed the market's momentum to a combination of factors. The continued inflow of funds into crypto investment products played a role, with Bitcoin exchange-traded funds attracting particular interest. Additionally, the surge in GameStop shares appears to have had a spillover effect, influencing the cryptocurrency space. This highlights the interconnectedness between traditional and digital assets in certain situations

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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