Market Snapshot – Bitcoin Splits Into Two, Bitcoin and Bitcoin Cash

Bitcoin Braces Itself for Split

Today is a important day in the bitcoin market as we see the bitcoin get split into bitcoin and bitcoin cash by means of a fork. It is likely that one group of miners might move onto mining bitcoin cash and it remains to be seen what kind of an effect it will have on the bitcoin prices. It is like a faction of  political party breaking away and moving out on their own and who will survive will depend on the strength of the 2 parties that are there. This is a similar situation and so far, it is not clear on who will gain the upper hand and survive. So far, the effect of the fork has not hit the prices of BTC and it remains to be seen whether there will be any effect at all. If none, then we are likely to see the BTC prices move up in some sort of a relief rally.

Relief Rally in Eurozone Stock Markets

The European stock markets finally woke from their slumber and began to move higher on some positive economic data. Over the last 3 weeks, we have been seeing that even strong economic data from the Eurozone was not enough to drive the stock markets higher as the investors seem to be petrified with the thought of tapering from the ECB coming in soon. This threw off the investors and that was one of the reasons why the stock markets in Europe were under pressure. Today,we saw the day begin strongly with Asian stock markets moving up strongly. We also saw the RBA hold the rates but they expressed concern over the strong Aussie dollar. This bullishness continued into the London session as well and we are seeing the stock markets continue to move up on the back of strong PMI numbers from Germany and other areas of Eurozone.