News • 3 min read
By Aron Abraham
Even though recent times will likely go down in history as a period where the limits were tested and pushed to new levels almost every day, this momentum seems to be slowing down a bit. Let’s take a look at what moved the investing world this week.
Stablecoins, such as Tether (USDT), are special types of cryptocurrencies, whose values are pegged to fiat currencies like USD. This means that 1 Tether is always worth somewhere around USD 1. Naturally, the U.S. government aims to keep this closely-related class on its radar: currently, a law is in place which would regulate this unique class of crypto.
NFTs were a huge part of the recent crypto hype, in which we saw record sales of these digital artworks and an unprecedented interest surrounding the topic. However, it seems that the hype is now slowing down, as NFT marketplace giant OpenSea has reported a 12% drop in revenue recently. However, it’s worth pointing out that this decline is far from a sharp crash, and can also just be part of a healthy life cycle.
Not long ago, right after the peak of the Shiba Inu (SHIB) hype, a new contender was starting to grab the attention of many - this was the Squid Game (SQUID) token, a crypto sharing the name of the popular Netflix series. However, the token was not associated with the movies at all, and, unfortunately for many, it turned out to be a scam, as the price plummeted almost 99% shortly after the coin’s launch. Remember, always do your own research before investing.
Compared to the crypto market’s wild ride, the stock market saw a relatively calm week, with some important earnings reports and the announcement of Facebook changing its name to Meta. Despite the mostly positive results, some of the top US and European indices closed slightly in the red, while Chinese markets had an even more negative seven days.
The investing world was likely caught by surprise as the social network giant announced that it’s renaming itself from Facebook to Meta. This doesn’t mean that the Facebook app will be called by a different name, but that the entity that oversees all within the Facebook group will be known as something else. According to the company’s executives, this is in line with their vision of creating a metaverse that makes use of pre-existing social media channels, like Facebook and Instagram.
Earnings reports are a crucial part of shaping investors’ sentiment: falling short of expectations tends to have a negative effect on prices, while overperforming can have a positive impact. The technology giant posted €72B for its quarterly earnings, a 29% increase in quarterly revenue year-over-year, however, this still fell short of investors’ expectations.
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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