Robinhood sets out to acquire Bitstamp
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Meanwhile, Bitcoin ticked higher despite global equity indices dropping after stronger-than-expected US employment data. The US Labor Department reported that the unemployment rate increased to 4.0% for the first time since January 2022, while non-farm payrolls increased by 272,000 jobs last month, surpassing economists’ forecasts. The strong labor market indicators suggest that inflationary pressures might persist, making the US Federal Reserve more cautious about ending its higher-for-longer interest rate policy.
Back to the wild side, the Solana-based meme coin GameStop (GME) skyrocketed 94% and became the largest gainer in the last 24 hours, fueled by the notification of a livestream scheduled by notorious retail trader RoaringKitty, set to happen tomorrow. The sharp rise in GME and related tokens like Roaring Kitty (KITTY) and Deep F*cking Value (DFV) has raised the total market cap of meme coins deployed on the Solana blockchain to nearly $10 billion, surpassing the investment portfolios of firms such as OKX Ventures and Sequoia Capital.
Today’s Newsletter
- Robinhood inks $200 million deal to acquire Bitstamp
- Bitcoin rebounds from drop with equity indices
- GME meme coin skyrockets 97% following Roaring Kitty livestream announcement
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BUSINESS
Robinhood inks $200 million deal to acquire Bitstamp
With the Bitstamp acquisition, Robinhood aims to enhance its users’ trading experience while maintaining a commitment to compliance, security, and customer-centricity. The move will also allow Robinhood to expand its footprint outside the US and welcome institutional customers to its ecosystem.
However, Robinhood Crypto is facing regulatory challenges in the US, having received a Wells Notice from the SEC last month. The SEC has alleged that Robinhood is operating an unregistered exchange by allowing the sale of certain crypto tokens considered investment securities. Despite the ongoing challenges, Robinhood has expressed its commitment to maintaining a cooperative relationship with regulators. [cryptobriefing]
BITCOIN
Bitcoin rebounds from drop with equity indices as strong US jobs data poses challenge to Fed rate cuts
The stronger-than-expected employment data hit risk assets, with major European and UK equity indices trading in the red. The regional Stoxx 600 index in Europe retraced yesterday’s gains and dropped 0.35%, while in New York, the Dow Jones Industrial Average, S&P 500, and NASDAQ all opened lower.
The European Central Bank (ECB) cut interest rates as expected on Thursday, lowering its key rate to 3.75% from a record high of 4%. The move comes after the Bank of Canada (BoC) lowered its policy rate to 4.75% on Wednesday, making Canada the first G7 country to loosen monetary policy in the current cycle, followed by the ECB. [theblock]
MEME COINS
GME meme coin skyrockets 97% following RoaringKitty livestream announcement
Keith Gill, known as RoaringKitty, is one of the main figures behind the GameStop stock price leap in 2020. The livestream notification also prompted a daily growth of 47.5% in GME stock, with Gill’s position now worth over $586 million.
The recent price surges in GME-related tokens based on Solana have highlighted the growing influence of meme coins in the cryptocurrency market. The total market cap of meme coins deployed on the Solana blockchain has now surpassed the investment portfolios of prominent venture capital firms, demonstrating the increasing mainstream appeal and potential of these community-driven digital assets. [cryptobriefing]
Other News
Next Week’s Token Unlocks
- APT is looking at an unlock of $106M, which translates to a 2.6% supply increase, alongside a market cap of $4.1B.
- IMX’s upcoming unlock of $58M will increase the supply by 1.7%, with a market cap of $3.4B.
- DYDX has an upcoming unlock of $33M, resulting in a 0.6% supply increase. DYDX has a market cap of $599M
Vince & Diego
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