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06 Nov 2021
1 min read

Markets Weekly Recap – 06/11

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

  • All three major US stock averages notched new record highs this week
  • Ether, the second-largest cryptocurrency, surged to a fresh all-time high above $4,660

Wild Record-Setting Week Unfolded Across Markets

Over the past week, a flurry of events and developments pushed certain financial assets to record highs. Among those favored by traders and investors, the broad-based S&P500 index secured multiple record closings this week. In addition, the tech-heavy Nasdaq Composite logged fresh records, too. Not only that, but the Dow Jones Industrial Average also gained substantially and set a new all-time high.

In individual stocks, shares of Tesla gyrated wildly from gains to losses and vice versa. That said, the electric-vehicle maker surged to a new record close this week. As a result, its chief executive, Elon Musk, topped $340 billion in personal net worth.

The mind-blowing fortune of the billionaire meme lord is more than three times the size of Warren Buffett’s net worth. In comparison, the person regarded as the best investor in our generation is worth $105 billion.

Federal Reserve Vows to Taper as Soon as November

On the economic news front, the Federal Reserve announced Wednesday it will finally close the chapter of extraordinary monetary support.

In other words, Fed officials have agreed to dial down the stimulus of $120bn in monthly asset purchases. The pace of reversal will initially be $15bn a month but this could change depending on circumstances.

Ether Makes a New High, NYC Mayor Wants to Get Paid in Bitcoin

In cryptocurrency trading, the Ethereum coin soared to a new record high of $4,665 apiece. Ether, the second-largest crypto, has been on a tear recently. Leading up to the record high, the coin gained more than 70% over the past six weeks.

Bitcoin, on the other hand, enjoyed a fresh dose of optimism later in the week. In more detail, incoming New York City Mayor Eric Adams said he wants to make the city the crypto center of the world. As his first step toward materializing his grand crypto vision, he vowed to get paid in bitcoin.

“I’m going to take my first THREE paychecks in Bitcoin,” the next NYC mayor tweeted. Furthermore, Mr. Adams said New York will be “the center of the cryptocurrency industry”.

In the meantime, OspreyFX now offers exposure to the hottest meme coin Shiba Inu. This month, OspreyFX listed the popular Shiba Inu cryptocurrency. You can start trading Shiba Inu with the symbol SHBUSD1000, with up to 1:30 leverage. Shiba Inu boasts a fabulous return of over 800% in October and is a top 10 coin. Make sure to check it out!

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