News • 3 min read
By Aron Abraham
Even though most markets saw relatively flat trading last week, we are not short of game-changing events and announcements that are important for the upcoming days. In our weekly recaps, you’ll find everything you need to be up-to-date about the world of investing.
Polkadot announced that its highly-anticipated parachain auctions will start by the 11th of November, sparking great interest in the crypto world. Polkadot is a multi-chain project that aims to provide unprecedented scalability, security and efficiency by running multiple blockchains (parachains) simultaneously. These parachains will be available during these auctions, paid for by DOT, the network’s native crypto token.
Despite some dips in September, the total crypto market cap (all the market caps of individual cryptos combined) managed to perform a 40% jump during the last three months, sitting at around €2T at the time of writing. In 2021, this figure is even more positive, showing a 152% increase.
The social network giant is revamping its once-shelved plans of launching its own cryptocurrency, namely a stablecoin called Diem, and aims to create a global, permissionless payment system using blockchain technology. After rebranding from Libra to Diem, Facebook is now set to execute its plans once it gets the go from regulators.
If the stock market’s performance needs to be summed up, the calm before the storm might be the best phrase to use. Investors seem to wait with their moves as many top companies are expected to release their reports for Q3’s performance in the near future, so it’s worth keeping an eye on these dates. With that said, major indices are slightly up this week, both in Europe and the U.S., while Asia remains mixed in terms of performance.
Alibaba (BABA), the chinese e-commerce and internet technology giant has been struggling for a while now, to say the least. The stock’s price declined almost 50% from its all-time-high, but in recent days, it bounced back and is up around 10% since last week.
There could be many reasons powering this rebound, some say it’s Reddit’s infamous WallStreetBets that pushed market sentiment, others speculate that huge investments like the one led by billionaire Charlie Munger or Berkshire Hathaway are behind the increase. Or can it be the news reporting that Jack Ma, Alibaba’s billionaire founder appeared again in public? We’ll let you decide that one.
Moderna (MRNA) outperformed the market by quite a few percentage points last week, but what’s behind the sudden growth? One major aspect could be that the company submitted an approval request for a booster shot which is currently being reviewed by the U.S Food and Drug Administration (FDA). Pfizer also applied for a booster shot approval recently and got approved; most likely Moderna investors are hoping for similar results in the upcoming weeks.
This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets. This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein.
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