Category: Commentary

In this article, we will be reviewing our forecasts for the month of February 2022. Here we go.

On the 1st of February, we forecasted that stock market index SPX would rise to $4805.68. This forecast was a Miss as the index has been bearish. This bearish wave also made a strong impact on Meta and Lyft which we forecasted would both rally to $381 and $55 respectively. The two forecasts missed as well.

On the 14th of February, we forecasted that USDCAD would fall to 1.24754. This was a Hit! In that same week, we forecasted that cloud computing services provider, Fastly, would rally. Fastly share price eventually didn’t rally.

The following week on the 23rd of February, we forecasted that Gold would rally to $1912. On the 27th, we also forecasted that plant-based meat provider, Beyond Meat would rally to $154. Gold was a Hit but Beyond Meat didn’t hit the target.

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On January 3, we forecasted that the share price of The Chinese Evergrande might rise to $20. This call was a Miss.

On January 5, we forecasted that Apple share price might drop to $149.07. This call was a Hit. On the same day, we forecasted that S&P 500 would continue its rally. This call was a Miss.

On January 7, we forecasted that WTI Oil to drop to $67.50. This call is in Progress. On January 13, we forecasted that Microsoft share price will rally to $341.48. This call was a Miss. On this same day, we forecasted that Coca-Cola’s share price will drop to $53.90. Price dipped to $54 which means it was a Close Call.

On January 17, we forecasted that Virgin Galactic’s share price would rally to $43.49. This call was a Miss. On January 20, we forecasted that Western Union’s share price would drop to $16.16. This call was a Hit.

Cryptocurrency exchange firm FTX is in a huge financial crisis. Reports say that at least $1 billion of customer funds have “vanished” leaving huge speculations about what really is going on with the Bahamas-based crypto firm owned by 30-year old Samuel Bankman-Fried.

Reports are saying that Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company, Alameda Research. According to some sources, between $1billion and $2billion of this $10B fund could not be accounted for on Alameda’s spreadsheet and they don’t know what became of it.

On Friday, 11th of November 2022, FTX filed for bankruptcy after a rush of customer withdrawals earlier that week. A rescue deal with rival exchange, Binance, fell through, precipitating crypto’s highest-profile collapse in recent years.

Customer withdrawals had surged last Sunday after Changpeng Zhao, CEO of giant crypto exchange Binance, said Binance would sell its entire stake in FTX’s digital token, worth at least $580 million, “due to recent revelations.” Four days before, news outlet CoinDesk reported that much of Alameda’s $14.6 billion in assets were held in the token.

This is a big hit to the global perception of the cryptocurrency market. This event proves that the crypto market is in dire need of regulation so as to avoid similar occurrences in the future. Regulating the crypto space will ensure that there is no trust deficit and investors can be rest assured that their funds are always secure.