Dogecoin's Thanksgiving Bump
Plus, Credit Suisse talks accounts.
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Dogecoin's Thanksgiving Bump
The price of cryptocurrency Dogecoin jumped nearly 20% since Friday, including a 7% increase on Sunday.
Catalyst: Social media hype seems to be the culprit behind this recent increase. First, crypto enthusiast David Gokhshtein tweeted on Friday that he imagines Ethereum co-founder Vitalik Buterin working with Elon Musk, a big supporter of Dogecoin, to upgrade the popular meme coin. Speaking of Musk, online speculation that Musk would integrate Dogecoin within Twitter and try to create his own mobile phone also caused the price to spike.
Background: The price jump is significant because it’s been a bad year for Dogecoin. The coin has lost over one-third of its value in 2022. As bad as that sounds, it’s actually better than most cryptos this year.
Bigger Picture: Dogecoin’s bump came as the prices for other cryptos were flat during Thanksgiving weekend. The larger crypto market is still hurting from the recent downfall of FTX. There are concerns that other crypto platforms could face bankruptcy.
Final Thoughts: For Dogecoin optimists, Thanksgiving weekend was excellent. But for most investors, there are still concerns about trusting Dogecoin.
Notable Earnings Today: Pinduoduo (Nasdaq: PDD), Arrowhead (Nasdaq: ARWR), H World Group (Nasdaq: HTHT), Joyy (Nasdaq: YY), Anavex Life Sciences (Nasdaq: AVXL), Azek (NYSE: AZEK), Fusion Fuel Green (Nasdaq: HTOO), Flora Growth (Nasdaq: FLGC).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Aqua Equity Water (StartEngine), Speedy Eats (StartEngine), Snackrilege (SMBX), SapientX (StartEngine), New 3D Technologies (Netcapital), Relevnt (Netcapital), Campus Protein (StartEngine), Pitch Aeronautics (StartEngine).
Notable Economic Events Today: N/A.
Credit Suisse Sees Some Closed Accounts
Some customers for the Swiss unit of Credit Suisse (NYSE: CS) have withdrawn their funds but very few have actually closed their accounts, according to a report released during the weekend.
Details: In an interview on Saturday in the Swiss newspaper SonntagsZeitung, the head of the Swiss unit said that the bank lost a total of 1% of its asset base recently.
Background: Credit Suisse announced last week that it will incur a $1.6 billion loss before taxes because some wealthy clients made a lot of withdrawals.
Stock Price: Shares of Credit Suisse are down 63% this year, including an 8% decline in the last 30 days.
Final Thoughts: As interest rates rise, some banking stocks are poised to increase business, which could lead to better results.
E-Commerce Stocks Giddy for Cyber Monday
Today is Cyber Monday, one of the biggest online shopping days of the year, and a big opportunity for online retail stocks.
Statistic: Black Friday online sales hit a record $9.12 billion this year, according to Adobe.
Final Thoughts: Cyber Monday is more than just about e-commerce stocks growing revenue. Cyber Monday sales will tell us a lot about the state of the economy, and specifically about the state of the consumer.
Trends to Watch
No Surprises Here: Adidas Top Executives Discussed Risk of Staff’s ‘Direct Exposure’ to Kanye West Years Ago (The Wall Street Journal)
Recovery: JCPenney was once a shopping giant. Can it make a comeback? (CNN)
Optimistic: Some Things to Be Thankful For, Even Though Everything in Crypto Is On Fire (CoinDesk)
Grounded: Severe weather delays over 2,500 post-Thanksgiving flights in U.S. (CNBC)
Lights, Camera, and No Action: This Was the Worst Thanksgiving Weekend in Box-Office History (IndieWire)
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