Weekly Bitpanda Market Recap - Top insights from the world of investing

News from the crypto world

Polkadot parachain auctions’ date is set

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.

Total crypto market cap is up 40% in Q3

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.

Facebook is set to launch its own crypto, Diem

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.

News from the world of investing

Upcoming earnings reports:

• Netflix (NFLX): 19th of October
• Tesla (TSLA): 20th of October
• Intel (INTC): 21st of October

Stock market performance

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 bounces back

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 among the top movers

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.

Disclaimer

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.