Hold onto your wallets, folks! Crypto US stocks are doing the cha-cha this week, with Circle (CRCL), GameStop (GME), and Coinbase (COIN) all making headlines. CRCL jumped over 10% after deciding to expand USDC to World Chain, but now it’s facing a wall of resistance at $123. Talk about a dramatic entrance! 🎉
Meanwhile, GME is feeling the heat after weak earnings and a $1.75 billion convertible note announcement. It’s trading near a critical $28.35 support, which is basically the financial equivalent of a lifeguard on duty. And COIN? Well, it’s busy playing political chess, adding high-profile advisers while testing support at $240. Because why not mix crypto with a side of politics? 🤷♀️
Circle Internet Group (CRCL)
Circle (CRCL) shares jumped over 10% yesterday after USDC decided to expand natively to Sam Altman’s World Chain. Because if you’re going to expand, why not do it in a place named after a guy who sounds like he’s from the future? 🚀
This move follows a strong IPO last week, where Circle raised $1.1 billion and saw its stock surge nearly 280%. I mean, who doesn’t love a good underdog story?
Technically, CRCL closed yesterday at $116.33, up over 10.6%, but is trading 2% lower in the pre-market. It recently failed to break above two resistance levels at $118.95 and $123. If these levels are tested again and broken, CRCL could aim for a retest of its high at $138.57. But if it breaches the $106.30 support, it might as well pack its bags for a trip down to $101.51. 🧳
GameStop Corp. (GME)
GameStop (GME) reported a 17% year-over-year revenue decline in Q1, as the shift toward digital downloads is basically erasing its brick-and-mortar business. It’s like watching your favorite childhood toy get replaced by a smartphone. 😢
Despite efforts to expand e-commerce and streamline operations, hardware and accessories sales dropped by 32%. And guess what? Store closures are still happening, with nearly 600 shutdowns last year. It’s like a game of Monopoly, but nobody wants to buy Boardwalk anymore.
The company posted a net profit of $44.8 million—thanks to cost cuts and the sale of its Canadian subsidiary—but still reported a $10.8 million operating loss due to restructuring charges. So, it’s kind of like winning a game of poker but still being broke. 🎲
In a separate announcement, GameStop plans to raise $1.75 billion through zero-interest convertible notes due in 2032. Because nothing says “we’re in trouble” like a massive loan, right?
GME shares closed yesterday down 5.31% and are now down another 16% in pre-market trading. The stock is hovering just above a key support level at $28.35; if that level fails, it could quickly slide to $25.69, with further downside risk toward $23. It’s like watching a slow-motion train wreck, but with more numbers. 🚂
A confirmed open near $24 would indicate that bearish sentiment is accelerating, potentially triggering another wave of selling pressure. Whether the convertible note offering and Bitcoin investment can stabilize investor confidence remains to be seen amid growing volatility. Spoiler alert: it probably won’t. 😬
Coinbase Global (COIN)
Coinbase has expanded its political advisory council by adding David Plouffe, a top Democratic strategist known for leading Barack Obama’s 2008 presidential campaign and advising Kamala Harris in 2024. Because if you’re going to play in the big leagues, you might as well bring in the heavy hitters! ⚾
Plouffe joins a growing list of bipartisan figures, including former Trump campaign manager Chris LaCivita and ex-Senator Kyrsten Sinema, as Coinbase aims to strengthen its influence in shaping U.S. crypto regulation. Because who doesn’t want to be the puppet master of crypto? 🎭
COIN closed yesterday down 1.62% and is down another 2% in pre-market trading. The stock is currently near a key support level around $240. If it manages to hold that support and reclaim resistance at $257, an uptrend could take COIN back toward the $270 level. But if it fails to hold above $240, it could trigger additional downside pressure in the short term. It’s like a rollercoaster, but without the fun part. 🎢
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2025-06-12 18:32