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Meme stocks surge as Roaring Kitty returns to X!

Meme stocks surge as Roaring Kitty returns to X!

Also : How Bitcoin Mining can be beneficial for the environment!

May 14, 2024

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️ If you like the newsletter, please let us know your feedback via the poll at the end of the newsletter ❗️

💧Top stories in the last 24 hours:

• Roaring Kitty returns to X after 3 years of inactivity.

• Coinbase faces system-wide outage.

📖 Educational alpha :

• The positive impact of Bitcoin Mining on the environment.

• Chart of the day.

Lets dive in.

📈 Markets

Overall bias - Cautious 🟠
$64,500 & $67,200 are key resistances for Bitcoin and till we break these levels, the bias remains cautious. ~$58,500 continues to be a crucial support.
ETF inflows are +33 mil including Hong Kong ETFs — Demand here needs to really pick up or else we risk re-visiting the range lows at $58,500.
For investors, many alts are at multi-month lows, providing good opportunity for long-term investors to DCA in spot into fundamentally strong tokens.

📅 Today

Roaring Kitty Returns ❗️

Roaring Kitty is back!

The GameStop stock exploded over 113% in a single day as ‘Roaring Kitty’ returned to X in his first post since June 18, 2021. Within 24 hours, he has already gained over 200k followers on X.

Short sellers have suffered a mark-to-market losses of ~$1.2 billion & trading on the stock has been already halted 9 times.

Keith Gill a.k.a ‘Roaring Kitty’ had gone viral in 2021 for kickstarting the “meme stock frenzy” by waging war on institutional investors who were betting against GameStop, leading to the bankruptcy of hedge funds like Melvin Capital.

His sudden return led to a market-wide rally of speculative “meme stocks” and “meme coins”, as seen from the tweet below.

Meme Stocks' Performance Today:
1. Gamestop, $GME: +110%
2. AMC Entertainment, $AMC: +25%
3. Reddit, $RDDT: +15%
4. Spirit Airlines, $SAVE: +15%
5. Lucid Motors, $LCID: +13%
6. Rivian, $RIVN: +10%
7. Nio, $NIO: +10%
8. ContextLogic, $WISH: +9%
Today alone, meme stocks have… x.com/i/web/status/1…
— The Kobeissi Letter (@KobeissiLetter)
2:10 PM • May 13, 2024

Down goes Coinbase 🔻

Earlier today, Coinbase experienced a system-wide outage, affecting both mobile and desktop users, who were unable to trade or use the platform.

It is not uncommon to see even the best crypto exchanges go down during periods of high volatility. Fortunately, the issue has been resolved, and all user funds remain secure.

This again serves as a good reminder to never rely solely on exchanges to store your cryptocurrency. Always use hardware wallets like Ledger and Trezor for the safe storage & self-custody!

📊 Stats

Educational 📔

A blueprint on how Bitcoin Mining can be beneficial for the environment 👇️

Chart of the day 📈

INJ/USDT (4H - Long)

Confluences & Rationale :

4H horizontal support, discount zone & bullish orderblock.
1H RSI divergence.
15 mins RSI indicating bears are losing momentum.
Multiple divergences (Histogram, CCI, Stochastics, RSI) on 4H
Bullish Order Book Imbalance
Max risk not more than 2%
Note : None of the content posted here is Financial Advise. This is for educational purposes only.

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. We aim to provide insights and highlights that keep you well-informed and ready. Remember to follow us on Twitter and Instagram for regular updates, insights, and giveaways. Until next time, happy trading!

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