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13 Nov 2021
1 min read

Market Weekly News Recap – 13/11

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Key Takeaways

  • S&P500 broke its eight-day winning streak while Tesla shares tumbled 12% in one day
  • Bitcoin hit an all-time high of $69K and Apple CEO Tim Cook said he owns cryptocurrency

S&P500 Ends Its 8-Day Winning Streak

A number of important events unfolded in the financial markets over the past week. To start, the S&P500 broke its eight-day streak of consecutive records on Tuesday. A feast like this was last seen in 1997. To this end, stocks slipped from their record highs as renewed inflation jitters knocked investor confidence.

That said, consumer inflation in the US for the month of October landed at 6.2% on an annualized basis. In other words, this was the fastest price increase in 31 years as the last such inflation jump happened in 1990.

Elon Musk Sells $5bn of Tesla Stock

In the meantime, Tesla stock experienced elevated volatility throughout the week as a result of several developments. First, Elon Musk’s Twitter poll said the chief executive should sell 10% of his Tesla stake. That would mean he has to offload as much as 17 million shares worth about $20 billion.

And so he did. It turns out the billionaire Tesla CEO has sold 4.5 million shares worth almost $5 billion since Monday. Furthermore, he now has to sell about 12.5 million more Tesla shares according to his promise. Against this backdrop, shares of Tesla fluctuated wildly, at one point losing as much as 12% in a day.

Bitcoin Hits a Record of $69,000

In cryptocurrency markets, the price of bitcoin and ether rallied to fresh all-time highs. Not only that, but both leading tokens notched back-to-back records Tuesday and Wednesday. In detail, bitcoin jumped past its Tuesday record of $68,480 to a new all-time high of $69,000 the next day.

In addition, the Ethereum token also surged to a fresh record of $4,860 on Wednesday. A day earlier, the second-biggest coin rallied to $4,840 apiece.

Apple CEO Tim Cook Owns Crypto

In signs of growing acceptance and mainstream adoption of crypto, Apple CEO Tim Cook said he owns cryptocurrency. Moreover, Mr. Cook said he holds bitcoin and ether and had been interested in crypto for a while.

In efforts to accelerate the adoption cycle, social media Twitter said it is setting up a dedicated crypto team. With this in mind, the newly-formed Twitter department will be named Twitter Crypto. It will work on crypto payments on Twitter’s platform and possible use cases for blockchain technology.

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