Roaring Kitty extends his GameStop holding; LIBOR exit going slowly; Bitcoin falls as Dogecoin rises;
Roaring Kitty extends his GameStop holding
Keith Gill (known as Roaring Kitty on Twitter and as DeepFuckingValue on Reddit) made a posting on the infamous Wallstreetbets subreddit that he has increased his GameStop shareholding to 200,000 shares from 100,000. Prior to 16th of March 2021, Keith Gill held 100,000 shares on GameStop and 500 call options at a strike of 12 USD. The call options were exercised on 16th of March, giving him 50,000 shares. He seemed to have additionally purchased 50,000 GameStop shares, practically reinvesting all his gains in to the stock. GameStop was down by 1.11% on Friday.
LIBOR exit going slowly
Earlier this year the Financial Conduct Authority, UK announced that the LIBOR will be discontinued as a benchmark rate from 31st December 2021. Market participants were expected to switch to the new benchmark SOFR, as soon as possible.
Unline the LIBOR rate which was a speculative rate, SOFR is based on actual trades that are carried out in the market. However the International Swaps Derivatives and Association (ASDA) announced that the number of swaps that are using the new rate is still very low. As per the data available from ISDA, only 4.7% of the swaps traded in March in the US were pegged to the SOFR rate. This is down from 5.0% in February. Some analysts believe that the SOFR pegged swaps will start gaining popularity during the second half of the year.
Bitcoin falls as Dogecoin rises
Bitcoin took a 8.5% blow on 18th March Sunday, as it fell to 54,000 USD from 60,000 USD per Bitcoin from the start of the day. The week has been mostly flat for Bitcoin which started around 60,000 USD. At the same time, Dogecoin recorded a 443% increase within the week of 11th – 18th March,
