Weekly Bitpanda Market Recap #2 - Insights from the world of investing

News from the crypto world

Bitcoin’s testing all-time-high territory

The biggest cryptocurrency is on a rampage, and it seems there’s no sign of stopping: Bitcoin has reached a new ATH and is trading above levels seen earlier this year in April, when BTC reached its last all-time-high. As many have speculated, we look to be heading into another major bull run, and with the U.S. SEC approving the first ever Bitcoin ETF, these hopes can look realistic.

The Bitcoin ETF (BITO) is already a recorder

The first Bitcoin Exchange-Traded Fund (ETF) kicked-off with a bang, with over $1B in ‘natural’ trading volume during the first day, the highest ever of any ETF. More than 24M BITO shares changed hands, indicating huge interest in the revolutionary investment. 

Total crypto market cap has reached new all-time-high

The general market sentiment is bullish, so it might not come as a surprise that the overall crypto market’s value recently crossed €2.15T, beating the all-time-high set in April earlier this year. This means that most cryptos are performing great, following Bitcoin’s run.

News from the stock market

Upcoming earnings reports:

• Facebook (FB): 25th of October

Stock market performance

As investors are waiting for major companies’ earnings reports about the past business quarter (Q3), the market traded sideways last week with some great individual performances. Most major U.S. indices also followed suit, while the European ones were ever so slightly in the green.

Netflix is going big

The streaming giant that needs no introduction is having a great run, and what could show this better than the company’s Q3 numbers: over 4.4M new subscribers and many world-wide hit series contributed to this. Squid Game also debuted during Q3, and it is the top release in the history of Netflix, with over 111 million viewers. Needless to say, the stock price also got its share from this popularity, the valuation has grown by around $19B since September.

GameStop-craze vs. SEC

The SEC is revisiting the GameStop-craze that happened early this year, publishing a report containing important information about the case. Basically, the regulator will critically look at how brokers responded, and should respond to such extreme increase in demand for a specific stock. The investigation could end in changes of guidelines which can dictate whether such events will happen in the future. 

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