Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, June 2-8

GameStop trader Roaring Kitty sees his GME stake rise to $1 billion, Bitcoin open interest spikes and new U.S. laws target digital assets.

Keith Gill, also known by his internet nicknames Roaring Kitty and DeepFuckingValue, could soon emerge as a billionaire due to his investments in GameStop (GME) shares. The trader, known for the GameStop short squeeze in 2021, has seen his holdings rise in value after he announced a new $180 million investment in GME shares. The announcement led to a significant increase in GameStops stock price, boosting its market capitalization and ranking it among the top 400 public companies in the U.S. Meanwhile, Gill faces scrutiny and a potential investigation for market manipulation.

Bitcoins open interest increased by $2.02 billion over three days, totaling $36.92 billion on June 6. The spike has led traders to speculate about a potential whipsaw effect a sudden reversal in price direction due to the high volume of leveraged positions. Experts suggest that while this might lead to short-term price corrections, it also shows increased speculative activity that could influence Bitcoins price volatility.

A new U.S. law grants the president significant powers to block access to digital assets, specifically targeting foreign entities linked to terrorism. The law, called the Terrorism Financing Prevention Act, defines digital assets broadly, encompassing any digital representation of value cryptographically recorded on distributed ledgers. Critics argue that the laws expansive scope could push users toward Know Your Customer-compliant, permissioned blockchains, effectively controlling the digital asset landscape.

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