Market Snapshot – Crypto Crash Continues as Stocks Stabilise

Stock Markets Slow Down

The stock markets have moved lower during the course of the day and this included the DAX as well. The euro has been tearing higher over the last few days and after a period of lull, the ECB officials are now scrambling to ensure that the euro does not runaway against the dollar. The dollar has been on the backfoot for more than a month and this, along with the strength in the euro, brought about by fears that the ECB would slowly stop QE by the end of the year, has caused the EURUSD pair to head towards 1.23 over the last few days though it has not been able to break that region as yet. This has placed a lot of pressure on the stock markets which has struggled to come to terms with the euro strength.

Crypto Crash Continues

As the stock markets begin to settle down and the investors there begin to take their foot off the bull pedal, the reverse is happening in the crypto world which has picked up a lot of volatility and all that volatility is in one direction only, which is down and down. Both the BTC and ETH prices have fallen by over 10% as the crypto markets get crushed under the pressure exerted by the fears of regulation and shut down in some of the major countries like South Korea and there does not seem to be any signs of a let up as yet.