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Weekly Bitpanda Market Recap #23 - Insights from the world of investing

Camilla Marziani

By Camilla Marziani

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News from the crypto world

This week the crypto market sentiment is back at extreme fear at 25/100, after reporting neutral and greedy values in recent weeks. Bitcoin’s price moved bearishly over the weekend and is now back at around €37,000. Major altcoins followed suit and showed similar price movements. Ethereum lost momentum and fell below €3,000, now standing at €2,826. Solana also reported losses and SOL’s price is now hovering around €96. The week was particularly negative for Terra, with LUNA now at €79, significantly losing ground since reaching its all-time high at €109 on April 5.

Are Zuck Bucks upcoming?

Meta’s* cryptocurrency project, Diem, seemed to have failed not long ago, but a report by the Financial Times suggests that the company hasn’t given up on its crypto aspirations. Beside the alleged future possibility to post and share NFTs on Facebook, some rumours spread involving Meta and another digital currency - that the company’s employees are calling Zuck Bucks after Meta founder, Mark Zuckerberg. However, it doesn’t seem like “Zuck Bucks” will be a cryptocurrency but more likely they’ll be in-app tokens. The company has yet to confirm the new venture.

Metaverse fashion week

Though MANA faced some significant losses and is now hovering at around €2, down more than -50% from its all-time high at €5.44, Decentraland is still making headlines. If you’ve been following the news about the metaverse, you might already know that the first-ever metaverse fashion week took place in Decentraland last month. During the event, the space was populated by fashion houses and brands including Dolce & Gabbana, Philip Plein, Forever 21 and Estée Lauder. 

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News from the stock market

Recent earnings reports:

Stock market performance

The stock markets closed the week mostly in the red, with the exception of the UK market, with the Top 100 British Stocks (FTSE100)* closing in the green, up by +1.46%. Major European indices reported mostly negative performances, with the Top 40 French Stocks (CAC40)* closing at -2.72%. Important US indices had a more mixed performance, while the Asian stock market generally closed in the red. 

Shell to stop business with Russia

US oil giant Shell reports plans to stop business with Russia. The company had been harshly criticised for buying cheap oil from Russia shortly after the start of the war in Ukraine. Shell has now anticipated a $5B hit following the decision to cut ties with the country: the company pledged not to buy any more oil from Russia, but it will fulfil contracts that were signed before Russia’s invasion of Ukraine. As reported by the BBC, the company said: 

"Shell has not renewed longer-term contracts for Russian oil, and will only do so under explicit government direction, but we are legally obliged to take delivery of crude bought under contracts that were signed before the invasion".

Giving financial advice might send influencers to jail in Australia

The Australian Securities and Investments Commission (ASIC) recently shared an information sheet for social media influencers providing guidelines when discussing financial topics online and even examples of what constitutes and what does not constitute “financial product advice". In fact, giving financial advice without having an Australian Financial Services (AFS) licence is considered a punishable crime and prosecuted with hefty fines and imprisonment of up to five years

Check out the price developments of your favourite cryptocurrencies, stocks*, ETFs* and precious metals on our app for iOS and Android or on our web app. Check our blog and follow our social media channels to always be up to speed. Don’t forget to subscribe to the official Bitpanda youtube channel for our weekly recaps and video content. 


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.

Camilla Marziani

Camilla Marziani

Global content specialist, blockchain enthusiast and coffee lover