There have been no significant changes in the past week in the cryptocurrency market, which is characterized by a bearish trend with little change in price. The Crypto Fear & Greed Index – as revealed by all the analysis carried out by Orlando Merone, Country Manager of Bitpanda in Italy – remains high and Bitcoin has reached the level of 32,000 euros, hitting an all-time low since July. Overall, global market capitalization lost $ 500 billion between Friday and Saturday alone. Movements that could push new investors to the limit, even if more experienced traders believe it is just a standard market correction.
Cryptocurrency memes are taking over Twitter
The enormous volatility of the cryptocurrency market seems to cause problems for newbies, but more experienced investors, accustomed to sudden drops, have come up with a special reaction mechanism: humor. Cryptocurrency holders and enthusiasts have taken over Twitter this week, flooding the platform with memes and jokes about recent market developments. Some investors believe that this bearish season is only a temporary phase and they are sticking to their investment decisions, joking about it.
In Russia a veto on cryptocurrencies is proposed, El Salvador buys Bitcoin by exploiting the drop in prices
Russia and El Salvador are proof of how the approach to cryptocurrencies can change between different countries. The Russian central bank proposes to ban the mining and use of cryptocurrencies as they would pose a threat to financial stability, monetary policies and the well-being of citizens. The proposal was not welcomed by everyone: Telegram CEO and founder Pavel Durov criticized the potential ban on Twitter.
El Salvador’s approach is completely different: Bitcoin has become legal tender in the country. On Friday, the state bought 410 bitcoins, the equivalent of $ 15 million. BTC has dropped nearly 50% from its all-time high in November, going from € 58,000 to € 32,000. El Salvador took advantage of the falling price of Bitcoin, a financial move also known as “buying the dip”.
Stock market trend
In the past week, the stock market still had a fluctuating performance: European equities appeared to be on the road to recovery, but then fell at the beginning of the week, mainly due to persistent fears of a Russia-Ukraine war. US equities had a tough week, but there was an upward move on Monday as the major Asian indices are trading lows after a week of highs and lows.
Microsoft buys Activision Blizzard
Last week, Microsoft announced its plans to acquire Activision Blizzard for $ 69 billion. With Bethesda and Xbox already on its side, this deal has the potential to make Microsoft one of the largest video game companies in the world – Call of Duty, World of Warcraft, Overwatch and even Candy Crush Saga would fall under Microsoft’s wing after this. agreement.
Investors are following the situation closely, but will have to watch a little longer, as Microsoft plans to close the deal by the end of fiscal 2023.
Read also, Bitpanda is the new Jersey Sponsor of the Italian Rugby Federation
Hard times for Netflix
Netflix shares recently plummeted 25% after the company fell short of its growth forecast for the first quarter of 2022. While analysts expected 5.9 million new subscribers for the first quarter of the year, Netflix now estimates only 2.5 million. This wasn’t the only drawback, as the video platform recorded fewer subscribers than its forecast in the latest 2021 report.