Market Snapshot – Cryptocrash as Crypto Prices Fall Across the Board

CryptoCrash as Panic Grips the Markets

It was a crash all across the cryptomarkets though there does not seem to be any specific reason for the same. The day started slowly but brightly for many of the altcoins like ethereum which moved to record highs but it has all turned bearish during the second half of the day. Though the review of bank accounts by the South Korean regulators, for possible money laundering by corporates and others, is being cited as one of the reasons for the fall, we believe that this is not as big a news as it is being made out to be. The regulators there have been stepping up their action in this space over the last few weeks and it appears as though this action is just a follow up of the same. This could just be a general and technical reversal of the gains made over the weekend and we should see the fall stopping quite soon leading to a period of consolidation and then gains again as the week progresses.

European Stock Markets Gain

In the stock markets, the european stock markets continued to rise as some strong employment data from the US helped to improve investor sentiment all across the markets and this helped the stock markets to move higher. This is likely to continue in the short term as the markets pick up from where they left off before the holidays and this should see the stocks moving higher during this period.