Gamestop’s Board of Directors unanimously approved Bitcoin for the Treasury reserve. In the middle of the US strategic Bitcoin reserve discussions and BTC fury, the price of Gamestop Token increased over 40 percent a day. However, it is at risk of rally because the GME price is 93 percent lower than the summit level.
With Gamestop’s Bitcoin move, the GME price jumped!
Kriptokoin.comAs you have followed, members of the Board of Directors of Gamestop unanimously approved the decision to adopt Bitcoin (BTC) for Treasury reserves. The company has announced the updates in the company’s investment policy with an X shipment. Accordingly, Bitcoin now deals with the presence of a treasury reserve. Interestingly, this decision is compatible with BTC integration of Microstrategy and Tesla.
More importantly, CEO Ryan Cohen had already given a clue. Previously, he had published a photo of Bitcoin defender Michael Saylor. Matt Cole, CEO of Strive Asset Management, called on the game company to allocate an accident reserve of approximately $ 5 billion to Bitcoin. Although the company did not announce the allocation, this news was important enough to increase the price of stock. More importantly, the Gamestop Token price is 40 percent and currently traded for $ 0.002690 with a market value of $ 18.55 million according to CoinMarketcap.
GME daily price graph. Source: coinmarketcapIn addition, the enthusiasm of the investor has increased since Donald Trump signed the US strategic Bitcoin reserve. Therefore, this news was another rise catalyst. As a result, investors jumped for opportunities and increased the transaction volume by 135 %to $ 10.65 million. Experts believe that the adoption of Gamestop BTC may affect the government’s decision to initiate the reserve.
The 93 %decrease in the price of Altcoin from AH is concerned
Although the last fluctuation is important, there are many more ways to go because of a long -term downward trend. Under the influence of the rising crypto market and Roaring Kitty’s shipment, GME Token reached $ 0.03201 in January 2024 in January 2024. However, since then, the downward trend has been permanent.
This year, 93 %below ACE is now below ACE. More importantly, the market is not completely positive, as investors’ decline tendency outweighs. The company’s decision to adopt Bitcoin for reserve holding was the highly needed rise move.
Will the Altcoin price rally continue?
The GME Token price shows that investors’ feelings are not sure enough, as they move down the summit. Moreover, the long -term decrease trend is still on the graph and short -term fluctuation can cause sellers to pass.
If the optimism of investors remains high around this Bitcoin integration, the rally can be sustained. However, more updates will require BTC purchase news and similar factors. In particular, Microstrategy’s BTC intake has led to the increase in MSTR stock price, so the GME stock price may also directly affect the price of Gamestop Token and witness similar results.
