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GRAPEVINE, Texas, June 22, 2021 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has completed its previously announced “at-the-market” equity offering program (the “ATM Offering”).
The latest rally in meme stocks has given AMC Entertainment and GameStop the biggest and third-largest market capitalizations among companies in the Russell 2000 index of small companies. The Russell indexes' annual reconstitution is coming up next week, so investors have been wondering it the pair might graduate into the large-cap Russell 1000 .
Were traders on the WallStreetBets subreddit right about GameStop (NYSE:GME) after all?
MarketWatch FUD media wrote: Could insider sales of meme stocks signal a coming crash in their share price? The empirical research suggests the answer is yes.
Bitcoin falls below $40,000 as BlockFi mistakenly sends $21m worth of coins to users
The price of bitcoin fell back below $40,000 (£28,209) on Friday, after paring back losses from a sharp sell-off earlier in the week.
Bitcoin was down over 2% to $39,725 in morning trade in London.
It comes after crypto lender start-up BlockFi accidentally sent users large amounts of bitcoin as part of a promotion, and is working on reversing it.
The company made what it called incorrect promo payouts in bitcoin instead of US dollars to customers, however it said a number of users had already withdrawn the coins before BlockFi could backpedal.
While the crypto lender said it was than 100 coins, the firm’s exposure is believed to be around $10m (£7m), though that amount is decreasing as more users return the coins, said Zac Prince, co-founder and CEO of BlockFi.
Ethereum (ETH-USD) — the world's second biggest cryptocurrency — was trading 0.3% lower on Friday to $2,702, and Elon Musk favourite, dogecoin (DOGE-USD) was up 5.4% to $0.40.
The crypto world lost 20% of its value on Wednesday as deep correction hit the market, sending investors scrambling. This saw bitcoin fall to below $32,000, while ethereum dropped as much as 30% during the session.
Cryptocurrencies have recently been boosted by institutional support. Several organisations, including MicroStrategy (MSTR) and Tesla (TSLA) have invested billions of dollars into cryptocurrencies. Traditional financial firms like PayPal (PYPL) and Goldman Sachs (GS) have also begun handling the asset on behalf of clients, leaving them with potential exposure.
However, the sell-off highlighted the extreme volatility that characterises crypto markets. Unlike with past corrections, experts said this week's slump had more consequences for the mainstream financial system and traditional firms.
The Iranian government ramped up pressure, enlisting intelligence officers in an effort to crack down on illegal cryptocurrency miners as the country’s power grid struggles to handle rising electricity consumption.