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Roaring Kitty has been accused of market manipulation by one of GameStop’s most prominent short sellers. BlackRock and Fidelity’s spot Bitcoin ETFs currently account for a large portion of the firms’ total ETF inflows this year. Meanwhile, Qatar’s central bank has launched the first phase of its central bank digital currency (CBDC) project)
Roaring Kitty’s $300 million GME position sparks market manipulation claims
The GameStop (GME) stock position of Keith Gill, known as “Roaring Kitty,” is more akin to market manipulation than traditional investing, according to Citron Research.
Citron Research, one of the most prominent GameStop short sellers, has criticized Gill for alleged market manipulation. In a June 3 X post, it wrote:
“Now, with $GME, he posts with a large account and a significant near-term option position, appearing more like manipulation without a solid thesis. Considering the stock is now 2,000% higher than his initial video almost four years ago.”
The firm’s market manipulation allegations came shortly after Gill shared that he is up over $300 million on his GME position, which could make him the first GameStop billionaire by the end of this week, provided that prices continue to rise.
Gill’s screenshot revealed that he purchased five million GME shares for $115.7 million and put $65.7 million into call options, betting that GME would be at least $20 a share on June 21.
Citron Research also alleged that Gill’s GME position may be financially backed by a larger entity, according to the post:
“We believe someone is backing Gill — there’s no way he made this size trade alone. His reported finances don’t support this trade. Investors will see through this roaring Icarus.”
Bitcoin ETFs make 26% of BlackRock’s 2024 inflows, half of Fidelity’s
BlackRock and Fidelity’s spot Bitcoin exchange-traded funds (ETFs) have accounted for a significant share of the issuers’ total ETF inflows this year.
The Bitcoin ETFs amount to 26% and 56% in year-to-date inflows for BlackRock and Fidelity respectively, according to Bloomberg ETF analyst Eric Balchunas, citing data from Bloomberg Intelligence.
BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) have seen $16.6 billion and $8.9 billion in inflows since they launched nearly five months ago, according to Farside Investor data.
However, Vanguard, which does not offer any Bitcoin ETFs, is far in the lead with $102.8 billion in total ETF inflows so far in 2024, beating out BlackRock at $65.1 billion.
BlackRock currently lists 429 ETFs that hold a total of $2.8 trillion in assets under management, according to data from Stock Analysis. Fidelity, on the other hand, only lists 70 ETFs, combining for $74 billion in AUM.
Qatar CBDC trials begin
The Qatar Central Bank (QCB) has finalized the infrastructure for its forthcoming CBDC project that will focus on large settlements among local and international banks.
According to the state news agency, the project will focus on distributed ledger technology and artificial intelligence, with the aim of enhancing liquidity and transactions with securities. The project is set to run for five months.
As Cointelegraph reported, Qatar’s central bank has been studying the potential of a CBDC since March 2022. In June of that year, the QCB confirmed that it was launching the project, with the aim of understanding the pros and cons of central bank digital currency.
Neighboring United Arab Emirates and Saudi Arabia have already participated in a CBDC proof-of-concept project. Dubbed Project Aber, the project concluded in 2020.
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