Top Stories Of The Week
GameStop officially confirms first Bitcoin purchase of 4,710 BTC
GameStop, the US video game and consumer electronics retailer, has confirmed its first Bitcoin investment, acquiring 4,710 Bitcoin, according to a statement posted May 28 on the company’s X account.
The company did not specify how much it paid for the Bitcoin or when the purchases were made in the announcement, while its Form 8-K filing with the US Securities and Exchange Commission also offers little detail. The amount purchased was worth around $513 million at the time of writing.
The announced acquisition is GameStop’s first publicly acknowledged Bitcoin purchase since the company disclosed plans to move into Bitcoin investment in March.
Hyperliquid whale losses near $100M after Bitcoin dips below $105K
A Hyperliquid trader known as James Wynn has seen his Bitcoin long bets on the platform liquidated for almost $100 million after Bitcoin dipped below $105,000.
Wynn had made two significant long leveraged positions on Bitcoin, betting that the cryptocurrency’s price would rise, but onchain data shows those positions were liquidated to the tune of $99.3 million on May 30 as BTC fell to a 10-day low.
The first position of 527.29 BTC, worth $55.3 million, was liquidated as Bitcoin hit $104,950, and the second position of 421.8 BTC, worth $43.9 million, was closed after Bitcoin sank to $104,150, according to the Hyperliquid analytics platform HypurrScan.
On May 29, another of Wynn’s positions of 94 BTC worth $10 million was liquidated at $106,330.
NYC cops linked to crypto torture case put on modified duties: Report
The New York Police Department has reportedly placed two officers on modified duties after the pair was accused of being linked to a local townhouse where a crypto trader was allegedly kidnapped and tortured before escaping.
NYPD detective Roberto Cordero, who serves on New York City Mayor Eric Adams’ security detail, is said to have picked up the alleged victim, Michael Valentino Teofrasto Carturan, from the airport and driven him to the townhouse, The New York Times reported on May 29, citing two city officials with knowledge of the matter.
The Times reported that Cordero and NYPD detective Raymond J. Low, who investigates narcotics cases in Manhattan, also provided security at the Soho townhouse where Carturan claimed he escaped from.
Elon Musk leaves DOGE as job was ‘uphill battle’
Elon Musk confirmed that he’s quitting as the White House’s government cost-cutting czar after admitting it was an “uphill battle” trying to slash federal jobs and programs.
Musk’s status as a Special Government Employee leading the Department of Government Efficiency (DOGE) meant that by law, he could only serve for a maximum of 130 days, which was set to finish on May 30.
Musk confirmed his exit in a May 29 X post, thanking President Donald Trump “for the opportunity to reduce wasteful spending.” Reuters reported that a White House official said his “off-boarding will begin tonight.”
Musk told The Washington Post for a May 27 report that the “federal bureaucracy situation is much worse” than he expected, and it was “an uphill battle trying to improve things in DC, to say the least.”
JD Vance urges Bitcoin community to embrace politics
United States Vice President JD Vance took the stage to deliver a keynote address at the Bitcoin 2025 conference in Las Vegas, Nevada, encouraging Bitcoiners to deepen their involvement in politics.
Vance highlighted the strategic and geopolitical importance of Bitcoin, emphasizing that the US should maintain leadership in the crypto industry to remain competitive in the age of digital finance. Vance told the audience:
“What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions. The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.”
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $104,105, Ether (ETH) at $2,525 and XRP at $2.13. The total market cap is at $3.25 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Cronos (CRO) at 9.61%, Hyperliquid (HYPE) at 4.68% and Aave (AAVE) at 0.39%.
The top three altcoin losers of the week are Ethena (ENA) at 17.26%, dogwifhat (WIF) at 15.45% and SPX6900 (SPX) at 14.42%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“The current, conventional way to publish proof of reserves is an insecure proof of reserves.”
Michael Saylor, co-founder and executive chairman at Strategy
“Nordics are walking back the cashless society…
cointelegraph.com