Market Snapshot – Stock Markets Under Pressure, Bitcoin Zooms
Bitcoin Continues to Zoom
Bitcoin continues to be the darling of the markets as the prices broke through the $12000 region early in the morning and continue to rise during the course of the day. The prices have risen by more than 6% for the day so far and it appears only to be a matter of time before the $13000 region is broken and we have bet on the theory that the bitcoin prices would break the $15,000 price region by the end of the month. Each dip in the prices is pulling more and more traders into the market and it is being built up into a frenzy. As more traders are drawn in, the threat of regulation and control from the authorities begins to grow large and it remains to be seen how that part of the industry is going to shape up in the future. Added to the mix is the fact that the CME and CBOE are going to introduce bitcoin futures followed by exchanges in Japan as well.
Markets Under Pressure
The stock markets continue to be under pressure over the last 24 hours as the market await further data and developments from the US. The tax reform bill continues to proceed through the Senate while the market awaits the employment data and the rate hike from the US in the short term. It remains to be seen whether all these events would help the markets to break out of their ranges.