Weekly Bitpanda Market Recap #8 - Insights from the world of investing

News from the crypto world

Snoop Dogg ft. Metaverse - The Sandbox

Snoop Dogg is exploring the possibilities the Metaverse has to offer: the famous rapper created a virtual land, called the “Snoopverse”, where he even has an exact copy of his California mansion. What’s truly fascinating about this digital realm is that a plot right next to Snoop’s mansion has just been sold for a whopping $450,000. Many argue that similar metaverses are the future, utilising NFTs as the basis of ownership.

El Salvador bought the dip

The Central American country, made famous by introducing Bitcoin (BTC) as legal tender earlier this year, just expanded its holdings by another 150 BTC, right after the recent price correction. The country also stacked up 420 BTC during the latest downtrend back in October, indicating a clear purchasing strategy. El Salvador now holds 1,270 BTC overall, likely making it the first among governments worldwide in terms of active Bitcoin reserves. 

News from the stock market

This week’s earnings reports:

• Costco (COST): 9th of December

• Oracle Corporation (ORCL): 9th of December

• Broadcom Inc. (AVGO): 9th of December

Stock market performance

This week was no better for traditional assets: we saw major U.S. indices, such as the S&P500 and NASDAQ100 multiple percentage points down, while some European indices, like the FTSE100 or the CAC40, barely managed to close the week in the green. Many still contribute this downterm to investors’ concerns surrounding the Omicron virus variant, while others argue it’s just a natural part of a healthy market, where such dips are expected from time to time.

Apple (AAPL) is the only one standing

Following last week’s price developments, it was hard to find anything among all those red numbers, but Apple (AAPL) stood out as one of the only gainers of this timeframe. The whys of this outstanding performance can be found in Apple investors’ trust and confidence in their brand of choice. It is likely that what saved the tech-giant from this downterm was its track record of revenue stability, growth and the timing: Apple’s product launch is coming up, meaning the world will, once again, pay very close attention to the newest features and version of the company’s infamous hardware.

BP and Schneider Electric teamed up

Leading energy management company Schneider Electric (SU) signed a memorandum of understanding with oil giant British Petroleum (BP), to facilitate the decarbonisation of their main, high-emission accounts all over the world. The event was followed by a very positive response from investors, as both of the firms have experienced a healthy price increase since the announcement. The two giants intend to cooperate and bring together expertise with a worldwide network of influential partners who have the power to facilitate the transition to carbon neutrality.

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.