Market Snapshot – Cryptos Get Support from CFTC

Crypto Recovery Continues

The crypto industry found an unlikely ally from the US, of all countries. While the focus of the crypto industry is mostly in Asia with the major developments coming from China, South Korea and Singapore, the US has been a distant cousin which has not been much involved in the day to day happenings in the crypto industry and it has been generally believed that they do not support cryptos much. But the crypto industry and the blockchain industry as a whole got a kind of thumbs up from the CFTC Chairman yesterday and this gave a big boost to the prices of crypto all across the board. This led the BTC prices to break through the $8000 region and move higher while the ETH prices pushed through the $800 region and the whole of the crypto market looked bullish over the last 24 hours. It is expected that this bullishness would continue over the next few days along with periods of consolidation.

Stocks Tread Carefully

The stock markets continued their recovery but the uncertainties and jitters do remain among the investors as they feel that the next correction might be around the corner. The fall seen in the markets a couple of days back and the bearish trend that we have been seeing over the past week or so still continues to ring in the minds of the investors and that is why it remains to be seen how long the rebound would continue and whether it would be enough to translate itself into a bullish trend once again. The markets have been consolidating over the last few hours and we believe that this consolidation would continue for the short term as the traders and investors come to terms with the new reality and then begin to buy in a careful manner. This is assuming that a fresh wave of selling does not hit the markets in the meantime. It is indeed a crucial time for the traders and they need to get as much support from the trend and the general economic data for them to think about bringing about a bull run back in the markets.