Market highlights: Bitcoin and oil show correction, Snap down 20%, Match Group up 10%

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Oct 22, 2021
  • Solana marches on, up by more than 12%
  • Snap blamed Apple for imposing privacy changes on iOS devices
  • Dating company Match Group, which owns Tinder, OKCupid, Hinge, and match.com, gained 10.3%

After its new all-time high of almost $67,000, Bitcoin (BTC/USD) lost over 3% over the past 24 hours. In the top 10, seven other coins also lost value, probably due to profit taking after the recent rally. Two notable exceptions were Polkadot (DOT/USD) and Solana (SOL/USD), with the latter up more than 12%.

Cardano (ADA/USD) will undergo a hard fork at approx. 21:44 UTC today. The upgrade should not last long and trading will likely not be affected.

$SNAP loses 20%   

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During after-hours trading on Thursday afternoon, Snap Inc. shares dropped by more than 20%. The creator of Snapchat predicted a weaker than expected holiday season, blaming Apple for imposing privacy changes on iOS devices that hurt their ability to target and measure digital advertising.

Match Group shares up 10%

Dating company Match Group, which owns Tinder, OKCupid, Hinge, and match.com, gained 10.3% yesterday after Google announced plans to reduce its fee on the subscription-based apps in Google Play.

PayPal share price down almost 6%  

The major US stock indices were mixed yesterday. DJ30 was slightly in the red, while NASDAQ100 gained 0.6%. The tech-heavy index’s top performers were fitness company Peloton Interactive, Netflix, and Tesla with gains of 4.9%, 4.4%, and 3.4% respectively.

One of the biggest losers on NASDAQ100 was PayPal, whose share price dropped by 5.8%. Investors reacted negatively to the news that the payment processor was in talks to buy Pinterest.

IBM loses 9.4% due to missed revenue expectations

IBM dragged DJ30 down with a notable loss of 9.4% after inconsistencies with revenue expectations for Q3. The selloff that followed hurt the whole performance of the DJ30 index. Today, Federal Reserve Chair Jerome Powell’s participation in a finance conference might impact US markets. He will be taking part in a virtual panel discussion hosted by the South African Reserve Bank.

Oil continues to slide

After dropping to almost $80 yesterday, oil ultimately managed to end the day above $82, but was still in the red throughout Thursday. Today, oil prices are still dropping away from their recent 7-year peak.

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