Weekly Bitpanda Market Recap #16 - Insights from the world of investing

News from the crypto world

After two weeks of market sentiments ranging from fearful to neutral, the Crypto Fear & Greed Index is at extreme fear again. Bitcoin is down from the €40,000 it reached earlier this month, Ethereum and most other altcoins had a negative week, closing in the red. 

A DAO to buy the Denver Broncos

The crypto market might be encountering some setbacks, but the community is growing strong. Recent events have been shedding light on how deeply crypto is getting entangled in our everyday lives. For instance, thanks to blockchain technology, a DAO (Decentralised Autonomous Organisation) has been trying to raise enough funds to purchase the Denver Broncos football team. The DAO, called BuyTheBroncos DAO, was founded by a group of crypto and football enthusiasts who aim to enable fans to actually own a part of their favourite team. BuyTheBroncos DAO is expected to go live at the beginning of March.

New joiners in the metaverse

The metaverse is welcoming several new joiners, and you probably know them well. JPMorgan* has announced its entrance in the metaverse, believing it could be a $1 trillion annual market. The investment banking company is the first bank to join the metaverse and has even purchased a slot of land in Decentraland. 

In the meantime, the famous soccer team Manchester City is collaborating with Sony to build the first metaverse stadium: it will be the exact but virtual replica of the Etihad Stadium. Disney* is also jumping on board and recently hired an executive, Mike White, to lead the company’s metaverse strategy.

News from the stock market

Recent earnings reports:

• Home Depot: February 22

• Petroleo Brasileiro: February 22

• Deutsche Telekom: February 24

Stock market performance

The stock market reported mixed performance last week. Most of the major U.S. indices closed in the negative, while European ones saw more varied developments, as the tensions between Russia and Ukraine are still heavily affecting European market movements. On the other hand, Asian indices had positive performances and closed the week in the green.

Meta is plunging 

Just a few weeks ago, Meta faced its largest-ever losses. Unfortunately, the company has not managed to reverse this development so far. Once holder of the 6th position among the 10 largest companies by market value in the world, the recent plunge pushed Meta* out of the top 10, and it now ranks 11th. The company is approaching its lowest close since May 2020, plummeting by more than 45% from its peak in September 2021. The scale of this decline for a U.S. tech stock has been unprecedented in recent years and the company’s stocks are now trading at the lowest price recorded during the last 52 weeks. 

Credit Suisse is stirring controversy

Credit Suisse* has been facing adversity lately, and the stock price lost more than 2% in value in the past month. For the Swiss bank, 2022 began with the resignation of the now former chairman António Horta-Osório over breaches of Covid-19 restrictions. February appears to be bringing up even more controversy, as Credit Suisse is now facing charges for money laundering.

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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. *Bitpanda Stocks are contracts replicating an underlying stock or ETF. More information and the PRIIPs key information document (KID) are available at bitpanda.com.