Bitcoin Surges Today on Speculation Meme Mania Is Back
It's been an incredible day for high-risk assets, with speculators clearly stepping back into various meme stocks and cryptocurrencies alike in a big way today. For Bitcoin (CRYPTO: BTC), a 24-hour move of 2.5% may seem like small potatoes, given what's going on in the market today. GameStop (NYSE: GME) shares are up more than 70% this afternoon, with Reddit (NYSE: RDDT) seeing its stock price surge roughly 10% as well, on the return of Keith Kill ("Roaring Kitty") to social media. The meme mania we all thought was dead may have just taken a hiatus.
We'll see. The post that's driving speculators back to the market shows a man leaning forward in his chair, with many anticipating this could mean Roaring Kitty is considering adding a position (or already has). His previous timing of moves in GameStop, which aligned with speculative surges in other high-risk assets such as cryptocurrencies, could mean there are now the right catalysts present to create a surge of demand for these assets, driving prices higher in the near term.
Let's dive into what to make of this news and another key catalyst for Bitcoin many are now paying close attention to.
Source Fool.com
Gamestop Corp. Stock
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