Market Snapshot – Cryptos Crash as Panic Grips Markets

Cryptos Crash

The crypto industry has been hit hard by the developments in the US and China where continued regulation of the industry has been putting the pressure on the investors and traders from those countries. In the US, we are getting reports that major credit card companies are looking to restrict the use of their cards for purposes that involve cryptos. Also, we have reports from China that say that apart from the ban within China, the regulators are also looking for ways by which the Chinese people invest in ICOs outside China as well. This has placed pressure on both the BTC and ETH markets and the extra pressure on the ETH prices is a true indicator of how hard the industry has been hit and how much uncertainty is being seen on a daily basis in the markets due to the actions from the banks, major corporates and the regulators as well. The situation is still evolving and that is the reason for the investors and traders to feel the pinch.

Stocks Correct

Moving away from the virtual currencies, we are seeing the stock markets also taking a hit all around the world as the investors are worried about the large bullish run that has been seen in the stock indices all around the world over the last couple of months. This has forced major investors and fund managers to talk about how heated the stock markets are and how it is long due for a correction. On the other hand, the yields have also been rising higher which has pulled away the funds from the stock markets and these funds get pushed into the yields in the hope of better and safer returns. That is why we have been seeing a large correction in the stock markets over the last few days and this has continued for today as well with the stock futures in the US indicating that the losses are going to get compounded today. It remains to be seen when and where the bulls are going to make a stand but till that happens, it is likely to be one way traffic for now.