eToro Daily Update 22/10/2020

Bitcoin reaches its highest levels in 2020 on PayPal news

The cryptocurrency market maintained its positive momentum over the past 24 hours, as the majority of top 10 cryptos registered gains. Bitcoin was up more than 4% at time of writing, climbing above $12,700 for the first time since July 2019. Bitcoins already-bullish run was fueled by news that payment giant PayPal will be accepting crypto payments starting next year. The PayPal stock also jumped on the news, climbing 5.5% yesterday to reach a new all-time high.

Today’s highlights: Snap jumps 29%

Wall Street losing streak continues: US markets finished lower yesterday, as the DJ30, SPX500 and NASDAQ100 all declined. This morning, futures point to more losses, as uncertainty regarding the ongoing stimulus negotiations, coupled with news of foreign interference in the presidential election, impacted markets.

Asian markets seen lower: Markets in the East were in the red at time of writing, as the JPN225, China50 and HKG50 indices all registered losses this morning. The recent losses are attributed to a new forecast from the IMF, saying economies in Asia will shrink more than expected in 2020 due to the coronavirus.

Oil slips below $40: The black gold showed noticeable losses yesterday, as an increase in US crude oil inventory and pessimistic outlooks regarding global demand pushed oil prices below $40.

Snap soars to all-time high: After skyrocketing on Tuesday in after-hours trading, Snap Inc. maintained its momentum during yesterday’s trading hours, eventually closing 29% higher to reach a new all-time high. For the most recent and significant price movements in markets, check out the Market Movers page on eToro.

Volatile tech stocks: Several tech stocks showed significant price movements yesterday. Twitter jumped more than 8%, while Netflix fell nearly 7%. After hours, Tesla popped more than 3% on its 5th consecutive positive quarterly earnings report.