Market Snapshot – Cryptos Come Under Scrutiny

Crypto Prices Under Pressure

The crypto markets are back under pressure and more scrutiny as the hacks at the different exchanges seems to be increasing the pressure on the exchanges and the corporates involved as the affected clients ratchet up the action that they plan to take. The clients of Coincheck have started filing cases regarding the hack while the exchange continues to struggle to handle the fallout. The fact that they agreed to repay most of the losses has worked both ways for the exchange as on the one hand, they are being appreciated for owning up the responsibility and compensating the clients who have lost funds for no fault of theirs. On the other hand, doubts have been raised on how the hack had happened, whether it was due to oversight from the exchange and many traders have begun to feel that they are trying to compensate only due to the fact that they also had a hand in making the hack easier. We are also getting reports of hacks happening with other exchanges as well and this has only added to the pressure on the exchanges around the world and the security measures taken by them have come under extra scrutiny over the last few weeks. This is being reflected in the crypto prices as well which have been on the backfoot since the beginning of the day today.

Stock Markets On The Backfoot

The stock markets are under pressure once again as the dollar begins to slide again all across the board. There have not been much fundamentals around the globe since the beginning of this week and so it remains to be seen whether the weakness in the dollar is only a correction of its strength seen in the last couple of weeks or whether this is going to lead to a reversal in the dollar strength as we await the retail sales data and the inflation data later in the week from the US. This will tell us about the true strength of the US economy and is likely to provide us with the short term direction for the dollar.