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Bitcoin isn’t running alongside meme stocks as it did three years ago, although this week’s stock market action might indicate a big crypto rally is on its way.
GameStop and fellow meme stock AMC Entertainment are each up more than 160% over the past two days. Meanwhile, bitcoin is little changed, down just 0.1% in the same period, according Coin Metrics. In 2021, by contrast, GameStop and AMC rallied 821% and 373%, respectively, from January through April. Bitcoin’s gains in that time, though more modest, still came to 96%.
“This isn’t 2021 when the world was locked down and awash with liquidity,” said Antoni Trenchev, cofounder of crypto exchange Nexo. “It’s worth remembering GameStop mania peaked in January 2021, well before bitcoin’s more than $60,000 highs in April and November that year. If you want to read into events of the past 24 hours you could suggest GameStop may be acting as a leading…
