GameStop Acquires Bitcoin for Its Treasury

Cryptocurrency markets are trading relatively flat on Tuesday. GameStop has announced that it will be adding Bitcoin to its treasury.

Notable Statistics:

* S&P 500 closed at 4370.24, up 0.1%.

* Nasdaq 100 closed at 13461.94, down 0.2%.

* Bitcoin closed at $87,438.0, down 0.2%.

* Ethereum closed at $2,159.6, up 0.1%.

Notable Developments:

* GameStop (NYSE:GME) has announced that it will be adding Bitcoin to its treasury. The move comes as the video game retailer looks to diversify its investments.

* Stock markets are trading relatively flat, with the S&P 500 and Nasdaq 100 both closing slightly lower.

* Bitcoin has pulled back slightly from recent gains, but remains above the key $80,000 level.

Top Gainers (24 Hour)

Coin Ticker Price Change (24 Hrs)

1. STEPN (STEPN) $12.18 11.3%

2. Optimism Token (OP) $1.96 7.6%

3. Frax Share (FRX) $24.43 6.4%

4. Aave (AAVE) $49.86 5.7%

5. Ankr (ANKR) $0.693 5.4%

Trader Notes:

Crypto trader Altcoin Sherpa predicts a breakout into the low $90,000s, signaling "we're so back," and then a potential dump.

watching $BTC closely, seeing if something like this happens. Breakout to low 90ks, 'we're so back' and then dump it pic.twitter.com/VRYctvWYeM

— Altcoin Sherpa (@altcoin_sherpa) August 14, 2023

Daan Crypto Trades attributes Bitcoin's recent volatility to stock market movements, highlighting BTC's strong correlation with the S&P 500 (SPX).

Bitcoin chart looks interesting.

We're still in a strong uptrend.

Recently we've seen some volatility which is mainly driven by the stock market.

As you know, BTC has a high correlation with the S&P500 (SPX).

So we're closely watching both markets. #BTC

— Daan Crypto Trades (@DaanCrypto) August 14, 2023

CrypNuevo observes Bitcoin's bounce from the 1W 50 EMA, suggesting it's likely the bottom. A full recovery depends on reclaiming $91,500, while a revisit to $82,000-$81,000 remains possible.

#BTC bouncing off the 1W 50 EMA.

Likely the bottom.

Full recovery depends on 91.5k+.

Still possible we see a deeper retracement to 82k-81k on lower timeframes if we fail to hold 91.5k on the 1W chart.

For now, let's see if we can get some higher highs.

Thoughts?

— CrypNuevo (@CrypNuevo) August 14, 2023

Santiment data reveals Bitcoin's surge to around $88,350 after bottoming at around $77,500 two weeks ago. The recovery is linked to whale accumulation, with wallets holding 100–10,000 BTC increasing. As usual, the market improves when whales step back in.

🐳📈 Bitcoin's price has rallied all the way to ~$88,350 after things looked grim two weeks ago at ~$77,500. Shortly after that local bottom, we began to see a rise in total wallets holding 100 to 10K $BTC. As usual, markets have looked better since whales resumed accumulation. pic.twitter.com/3zZfyOnCeY

— Santiment Foundation (@santiment_io) August 14, 2023

Stockmoney Lizards views Bitcoin corrections as temporary, considering any price below $80,000 an accumulation opportunity, regardless of the recovery time.

Any price below 80k is an opportunity to accumulate $BTC.

It doesn't matter how long it takes to recover.

We're still in a bull market and the current correction