Weekly news summary for January 14 to January 20
Friday, Jan. 14: Dogecoin Gains Over 25% After Elon Musk’s Tweet
Prices of Dogecoin climbed significantly on Friday, finding support on Tesla Inc. chief executive Elon Musk’s Twitter announcement that the US electric carmaker would start accepting the meme-inspired cryptocurrency as payment for its merchandise.
Dogecoin gained almost 13% to reach a 30-day high of $0.21 and rose over 25% following Musk’s announcement before easing to $0.19 on profit-taking.
Monday, Jan. 17: PBOC Cuts MLF Rates for the First Time since 2020
The People’s Bank of China (PBOC) lowered loan rates on Monday in an unexpected move that may weigh further on the Chinese yuan, according to foreign exchange strategist Gareth Berry.
The PBOC cut its one-year loan rate by five basis points to 3.8%, its first reduction since April 2020, while the seven-day reverse repurchase rate was also lowered, and the central bank added CN¥200 billion ($31.5 billion) of medium-term cash in the economy.
Tuesday, Jan. 18: Walmart May Create Its Own Cryptocurrency and NFTs
Walmart Inc. may be preparing to enter the metaverse as it hinted at plans to offer its own cryptocurrency and set of non-fungible tokens (NFTs).
The retail giant filed seven trademark applications with the US Patent and Trademark Office (USPTO) by the end of December 2021, which stated its intent to provide users a digital currency and NFTs and create salable virtual products such as electronics, home decorations, and more.
Wednesday, Jan. 19: Sony Falls as Microsoft Looks to Buy Activision
The stock of Sony Group Corp. took a dip on Wednesday due to Microsoft Corp.’s plans to buy US video game developer Activision Blizzard Inc. in a $68.7-billion all-cash deal that would mark as the tech giant’s largest acquisition ever.
Sony’s Tokyo-listed shares dropped 12.8% in response to the Microsoft-Activision tie-up plan, which would present a major challenge to its reputation as the world’s second-biggest video gaming company by revenue.
Thursday, Jan. 20: Oil Prices Trade Near 2014 Highs on Supply Woes
Oil prices were stable on Thursday, recovering from losses incurred earlier, as the International Energy Agency (IEA) sees global demand hitting pre-pandemic levels and short-term supply disruptions kept prices near their 2014 highs.
Global benchmark Brent crude futures lost 0.3% to $88.15 per barrel after reaching its highest since October 2014 of $89.17, while the US West Texas Intermediate (WTI) crude futures added 0.3% to $87.27 per barrel, having registered $87.91 on Wednesday, its highest since October 2014.
