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Weekly Bitpanda Market Recap #6 - Insights from the world of investing

Aron Abraham

By Aron Abraham

Winter’s approaching, and it’s not just the weather that’s cooling down: the crypto market continued to struggle last week, while the stock market ended with mixed results. But what could turn the tide? Read on to find all you need to know.

News from the crypto world

DAO for President

An unprecedented event took place last week, causing some mild turmoil across the internet: a certain decentralised autonomous organisation (DAO) called ConstitutionDAO attempted to buy one of the 13 original copies of the Constitution of the United States. The attempt was made during a public auction, where the DAO used its crowdfunded capital - raised in ETH - to bid on the piece. In the end, the bidder(s) didn’t win, however, the case was a so-far unseen demonstration of how powerful a DAO can be. 

Jack Dorsey x Bitcoin

Jack Dorsey, the CEO of Twitter and Square has recently announced the launch of tbDEX, a decentralised Bitcoin exchange, publishing a whitepaper detailing the vision for the project. Reactions from the crypto community were a mixed bag, some arguing that the platform will not be decentralised enough, others regarding the initiative as a clear endorsement of Bitcoin by the tech-magnate. The only thing left to do is wait and see the idea turning into reality.

News from the stock market

This week’s earnings reports:

Stock market performance

This week was a mixed bag when it comes to stocks. Some of the major indices, like the S&P500 and NASDAQ100, managed to close in the green, while the DJ30 was marginally down. The major loser of the week was seemingly the energy sector, losing a couple of percentage points overall.

Boeing: Welcome aboard, India!

The freshly-founded young titan of Indian aviation, Akasa Air, made a decent amount of headlines with its latest purchase: the company has recently ordered 72 Boeing 737 MAX jets, amounting to a whopping €8B in total. The enormous deal might not only help Boeing regain momentum after a pandemic-dominated two years, but could also provide a massive boost to India’s aviation industry, flying millions of citizens more each year at low-cost fares. 

BioNTech ran big

BioNTech, the biotechnology giant closed the week well in the green, following positive news regarding its vaccines. Studies indicated an almost-perfect efficiency score for the company’s shots, and with more and more governments greenlighting the vaccination of teenagers, investors seem to hope for an extended high-demand for the firm’s life-saving medications.

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.

Aron Abraham

Aron Abraham

Content Specialist, #1 Fan of Coffee & Investing