Traders Shun Cryptocurrency Market As Focus Turns Back To GameStop, AMC Short Squeeze

The cryptocurrency market remained muted late Thursday as the focus returned to so-called meme stocks and associated short squeezes.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, traded 2.09 percent higher at $36,233.57 at press time over a 24-hour period. The apex coin is down 11.61 percent in a seven-day trailing period.

Ethereum (ETH), the number two coin in terms of market cap, was up 2.34 percent at $2,506.98 over a 24-hour period. In a seven-day period, ETH has fallen 8.78 percent.

The cryptocurrency market cap as a whole stood at $1.57 trillion at press time.

On Thursday, AMC Entertainment Holding Inc (NASDAQ:AMC) shares spiked 35.58 percent to $26.52 in the regular session. This is the fourth straight day of AMC shares moving up with the shares locking in 120 percent gains.

The appreciation in AMC is making short-sellers bleed and has cost them $634 million in losses, as per S3 partners.

Other meme stocks that have spiked recently include Blackberry Ltd (NYSE:BB), which ended the regular session 5.61 percent higher at $9.97 on Thursday and appreciated another 3.01 percent to $10.27 in after-hours trading. At press time BB is up by 4.31 percent pre-trading hour of Friday.

GameStop Corporation (NYSE:GME) was also in the green on Thursday rising 4.77 percent to $254.13 in regular trading. On the same day, another retail favorite, Nokia Oyj (NYSE:NOK) gained 2.42 percent to end the regular session at $5.07.

Meme cryptocurrencies on the other hand have largely been lackluster. Dogecoin (DOGE) traded 8.35 percent lower at $0.31 at press time. The Shiba Inu-themed coin declined 15.99 percent in a seven-day trailing period.

On Thursday, DOGE co-creator Billy Markus in a Twitter exchange with Gokhshtein Media founder David Gokhshtein called for AMC Entertainment to accept DOGE.