Your Weekly Trading Review by UFX.com – Sunday, November 5th, 2017
Here are some of the major financial events of the past week and how they affected the global financial markets:
EUR/USD fell by 0.43%, closing at $1.1608. The GBP/USD rose by 0.14%, closing at a £1.3077 exchange rate.
The Dow ended the week on a high of 0.10%, closing at 23,539.19. The S&P 500 also increased by +0.31%, closing at 2,587.84. The NASDAQ jumped by 0.74%, ending at 6,764.44.
Bitcoin Keeps Soaring
Bitcoin made another impressive move last week. The most popular digital currency reached an all-time high of $7,454.04 on Friday, after opening at $7,030.
Bitcoin’s price is affected by the laws of supply and demand. Currently, there are only 21 million bitcoins available. As more people begin to mine Bitcoins, higher demand will force a higher value. Since the number of miners using Bitcoin is still relatively small, the price of Bitcoin fluctuates on a daily basis, but should continue to increase as more individuals start to use it.
When Bitcoin originally became popular, it was worth less than $1. Today, one Bitcoin is worth more than $7,000. Analysts believe that in the near future a single Bitcoin will be worth at least hundreds of thousands of dollars in order to fill the world’s demand.
Amazon’s CEO Just Earned an Extra $1B
Jeff Bezos, Amazon CEO, sold 1 million of his Amazon.com shares for more than $1 billion. The sale of $1,097,803,365 was filed publicly with U.S. securities on Friday. Currently, Bezos owns about a 16% of Amazon. The giant internet retailer continues to develop and diversify its products to the public.
Amazon Inc. was founded on July 5, 1994. The company has built and acquired over 40 divisions and services offering health and beauty products, digital photography, groceries, cloud storage, and content distribution. Amazon has developed strategic partnerships with large companies like Sears and Marks & Spencer, turning it into one of the largest internet retailers in the world. Trading on the NASDAQ under ticker symbol AMZN, Amazon averages an annual revenue of $135 billion.
That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for the next review from UFX.