Global #GameStop

The "meme stock" sector is experiencing a brutal sell-off, with GameStop (GME) at the epicenter of the carnage. GME's share price has plunged a staggering 60% in just two days, wiping out a significant portion of the gains seen during a recent rally.

Keith Gill, also known as "Roaring Kitty," has re-emerged in the spotlight, and experts speculate that his impact could stretch beyond the realm of meme stocks to the Exchange-Traded Fund (ETF) market.

The cryptocurrency market experienced a wave of volatility this week, with prices for leading digital assets like Bitcoin and Ethereum taking a tumble. This turbulence coincides with two seemingly unrelated events: the wild swings in GameStop's stock price and the release of a robust US jobs report. Analysts suggest a potential connection between these events.

GameStop (GME) stock experienced a significant 19% surge in overnight trading on Robinhood after Keith Gill, also known as "The Roaring Kitty," made a revelation. Gill, posting under the Reddit account "DeepFuckingValue," disclosed his holdings of GME shares and call options, with a notional value exceeding $180 million. This post marked his first activity on Reddit since April 2021.

Robinhood, the widely-used trading platform, is on the verge of reaching a settlement with investors who sued the company for its decision to halt trading on certain meme stocks, including GameStop, in 2021.

While the GameStop frenzy appears to be calming down, Bitcoin's price is experiencing a significant surge today. The largest cryptocurrency by market capitalization is now at its highest level in three weeks, reaching $65,872, as reported by CoinGecko.