The world of cryptocurrency and traditional finance has been abuzz with exciting news in the past week. From Roaring Kittys GameStop shares reaching an unprecedented $1 billion to Bitcoin open interest soaring, here’s a roundup of the most significant stories in Hodlers Digest, June 2-8.

Roaring Kittys GameStop Shares Reach $1 Billion

Reddit user and retail trading icon Roaring Kitty, whose real name is Keith Gill, has seen his GameStop (GME) shares surge to a whopping $1 billion. Gill, who has been a long-time GME supporter, initially invested in the company in June 2019, purchasing 10,000 shares at $53.50 per share. After the massive short squeeze in January, Gill’s investment skyrocketed, reaching a peak of $1.2 billion in early February.

Despite the recent market correction, Gill’s investment remains significantly profitable, with GME shares rising by over 1,400% since January 2021. The GameStop saga has highlighted the power of retail investors and showcased the potential for significant profit in the stock market.

Bitcoin Open Interest Soars

Bitcoin (BTC) open interest, which measures the total number of outstanding derivative contracts, has reached an all-time high of $17.2 billion. This indicates that both retail and institutional investors are increasingly participating in the Bitcoin market.

Institutional interest in Bitcoin has been on the rise, with major financial institutions such as PayPal, Square, Tesla, and MicroStrategy investing billions in the digital currency. The growing interest in BTC derivatives has contributed to the increase in open interest, indicating that the cryptocurrency market’s bullish trend is likely to continue.

Other Notable Crypto News

In other news, the total value locked in decentralized finance (DeFi) protocols reached a new all-time high of $61.41 billion. The rapidly growing DeFi sector has been attracting investors due to its high yields, decentralized nature, and the potential to democratize the financial industry.

Furthermore, the Ethereum network has been undergoing a major upgrade, with the successful implementation of the Berlin hard fork earlier this month. This upgrade aims to improve transaction efficiency, lower transaction costs, and prepare the network for Ethereum Improvement Protocol (EIP) 1559.

As the world of cryptocurrency and traditional finance continues to evolve, investors and enthusiasts can look forward to more exciting developments in the coming weeks. Whether you’re a seasoned trader or a newcomer looking to make your first foray into the market, it’s crucial to stay up-to-date with the latest news and trends to make informed investment decisions.

In conclusion, Roaring Kittys GameStop shares reaching $1 billion, Bitcoin open interest soaring, and the increasing total value locked in DeFi protocols are just a few of the notable stories from Hodlers Digest, June 2-8. The world of cryptocurrency and traditional finance remains dynamic and promising for those looking to capitalize on its potential. Stay informed, stay curious, and most importantly, stay ahead of the curve.