Citron Ends GameStop Short Position, Trump Backs US Bitcoin Production; Thai SEC Revokes Zipmex License
Summary:
Citron Research, a notable GameStop short seller, has ceased its short position due to "the market’s irrational behavior". Donald Trump has shown revived support for Bitcoin, advocating for it to be "made in the USA" and hosting mining industry executives at his Florida residence. In Thailand, the Securities and Exchange Commission has revoked cryptocurrency exchange Zipmex's operating license following an extended period of regulatory scrutiny.
Citron Research, a well-known short seller in GameStop (GME) stock, has announced the end of their short position citing "the market’s irrational behavior" and a fanatical shareholder base. Despite not expecting any significant improvement in the company's fundamentals, Citron points out that with $5 billion in reserves, GameStop can cater to its enthusiastic shareholders. This move follows a day when GameStop's stock price surpassed $30, backed by a 22.8% intraday rally.
Donald Trump displayed renewed enthusiasm for Bitcoin miners by supporting American entities in this sector and advocating that the remaining Bitcoins should be "MADE IN THE USA!!!" He suggested that Bitcoin would help establish the country as "energy dominant" and act as the last barrier against a central bank digital currency. This comes despite the Federal Reserve Chair Jerome Powell's statement in March negating the chances of the U.S. adopting such a currency anytime soon.
In related news, Donald Trump recently invited Bitcoin miners, including top officials from firms like Riot Platforms, CleanSpark, and TeraWulf, to his Mar-a-Lago residence in Florida. He expressed his willingness to support the crypto sector if elected president.
Meanwhile, in Thailand, the Securities and Exchange Commission (SEC) withdrew the operating licenses of Zipmex, a cryptocurrency exchange, following an extended period of regulatory scrutiny. The agency announced that Zipmex is now unauthorized to operate any crypto exchange or brokerage within the country. The move is effective since May 28. Earlier this year, Zipmex had been instructed to halt domestic services due to "operational lapses" and was later found still in negligence of the orders. The SEC confirmed that Zipmex must return assets to clients or proceed according to their demands.
Published At
6/12/2024 3:48:48 PM
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