Need to catch up on today’s crypto news? Here’s the latest on Bitcoin price trends, blockchain developments, DeFi, NFTs, Web3, and crypto regulation.
Roaring Kitty Faces Market Manipulation Claims
Keith Gill, better known as “Roaring Kitty,” is under fire for alleged market manipulation related to his GameStop (GME) stock position. Citron Research, a major GameStop short seller, claims Gill’s activities resemble manipulation more than traditional investing. In a June 3 post, Citron stated:
“With $GME, he posts with a large account and significant near-term options, appearing more like manipulation without a solid thesis. The stock is now 2,000% higher than his initial video nearly four years ago.”
These allegations surfaced shortly after Gill revealed his GME position has grown to over $300 million, potentially making him the first GameStop billionaire if prices continue to rise. Gill‘s screenshot showed he bought five million GME shares for $115.7 million and invested $65.7 million in call options, betting on GME reaching at least $20 per share by June 21.
Citron also speculated that Gill’s substantial GME position might be backed by a larger entity, questioning his reported finances and suggesting, “There’s no way he made this size trade alone. Investors will see through this roaring Icarus.”
Bitcoin ETFs Account for Significant Inflows at BlackRock and Fidelity
BlackRock and Fidelity’s spot Bitcoin ETFs have significantly contributed to the firms’ ETF inflows this year. According to Bloomberg ETF analyst Eric Balchunas, Bitcoin ETFs represent 26% and 56% of year-to-date inflows for BlackRock and Fidelity, respectively.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have seen $16.6 billion and $8.9 billion in inflows since their launch nearly five months ago. Despite this, Vanguard, which does not offer Bitcoin ETFs, leads with $102.8 billion in total ETF inflows in 2024, surpassing BlackRock’s $65.1 billion.
BlackRock lists 429 ETFs with $2.8 trillion in assets under management (AUM), while Fidelity lists 70 ETFs, totaling $74 billion in AUM.
Qatar Begins CBDC Trials
The Qatar Central Bank (QCB) has started trials for its central bank digital currency (CBDC) project, focusing on large settlements among local and international banks. The project aims to leverage distributed ledger technology and artificial intelligence to enhance liquidity and transactions with securities. Set to run for five months, this initiative is part of Qatar‘s broader exploration of CBDCs, which began in March 2022.
Neighboring countries, the United Arab Emirates and Saudi Arabia, have already participated in a similar CBDC proof-of-concept project called Project Aber, which concluded in 2020.
Summary Review: Today’s crypto news highlights significant developments: Keith Gill faces allegations of market manipulation, Bitcoin ETFs are driving substantial inflows for BlackRock and Fidelity, and Qatar is advancing its CBDC trials. These events reflect the dynamic and rapidly evolving nature of the cryptocurrency landscape, impacting markets, institutional investments, and regulatory approaches worldwide.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
