Market Snapshot – Bloodbath In Cryptos But Rebound Closeby, Stocks Fall

Cryptos Close to Rebounding

It was a day of bloodbath in the crypto markets as the fall in prices continued for another day today. The BTC prices fell to the $7000 region while the ETH prices fell below the $600 region and it looked like a total rout for the markets. The rout was not limited to just the crypto industry alone as the stock markets were also routed and it looked as though the risk assets were being heavily sold and the traders did not have much of a choice but to sit tight and wait for all the selling to get over. But try telling that to the retail traders who joined in the panic selling and sold off more and more of the cryptos and at one point of time, it looked as though the prices would take a severe beating. The situation has been salvaged to some extent over the last few hours with both the BTC and the ETH markets reversing almost their entire losses during the day. We believe that the crypto markets are not ready to play dead just yet and as we have been saying for many weeks now, this industry is here to say and this correction is similar to the sell-off seen in the stock markets around the globe and as long as the investors and the traders are able to grit and bear the losses, the prices should be rebound.

Stock Markets Crash

Looking ahead, the US stock indices are going to be the focus in the coming hours as the stock market rout yesterday and today as the investors in a quandary. They would like to see how the markets open later in the day and they would hope to see some sort of a bounce. But any such bounce is likely to be met with additional selling as well and hence it is going to be a tough challenge for the bulls in the stock markets to halt the fall and look to turn around and force a rebound in what is going to be an interesting evening in the markets.