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23 Oct 2021
1.5 min read

Markets Weekly Recap – October 23rd

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Key Takeaways

  • Bitcoin pushed beyond previous top, setting a new all-time high of $67,000
  • Stocks moved up on the back of strong earnings results, Tesla shares soar to $900

Bitcoin Sets a New Record Driven by an ETF Launch

The financial markets enjoyed mostly tailwinds this week as investors cheered record-high earnings figures. In addition, Wall Street welcomed its first two Bitcoin-linked exchange-traded funds.

The highlight of the week, however, is bitcoin. The ever-shifting price of the bitcoin rallied to a new all-time high of $67,000 on Wednesday. That said, the token jumped 3% above its previous peak of $64,800 set in April.

Moreover, the entire cryptocurrency market advanced to a market cap of over $2.6tn, the largest market value ever seen in crypto. Ether, the second-largest cryptocurrency, almost reached its highest price. The Ethereum network’s native token surged to a price of $4,370, just $20 from its all-time peak.

The strong move in crypto prices, and bitcoin in particular, was driven by the launch of the first-ever Bitcoin ETF. In more detail, the ProShares Bitcoin Strategy ETF made its successful trading debut on Wall Street on Tuesday.

The Bitcoin futures ETF gathered more than $980mn on its first trading day and became the second-biggest ETF arrival ever.

Strong Earnings Reports from Tesla and Netflix

On the earnings front, stocks on Wall Street rose broadly amid higher-than-expected financial results for the companies that reported. Among them, electric car maker Tesla delivered record revenue and profit numbers. As a result, the S&P500 posted a new all-time high this week.

Tesla reported revenue of $13.8bn, while profit arrived at $1.6bn, the highest for any quarter in its history. That said, shares of the company traded as high as $900, slightly above a record high set in January.

Netflix, in addition to the stellar corporate financial results, posted strong numbers on earnings and subscriber growth. With that in mind, during the last quarter, the streaming giant added 4.4 million new paying customers. Revenue, on the other hand, arrived in line with expectations at $7.48bn.

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