crypto stocks

Market Snapshot – Stocks Stable But Cryptos Slide

Stock Markets Stable

The US futures point to a decently bullish opening as they are on the rise. The dollar continues to be on a roll against most of the other currencies as the the traders and the investors look towards the important inflation data later in the week. The NFP data came in weaker last week but the dollar was saved by the fact that the data from the previous month was revised higher. This limited the impact on the dollar as far as the bad data was concerned but it is unlikely that the investors would be too forgiving if the data continues to be weak in the short term. The US data has wavered over the last few weeks and has not been as good as it was at the beginning of the year and this is why it is important that the US economy begins to show signs of strength and recovery as soon as it can.

Crypto Markets Slide

The crypto market has been showing signs of weakness as the BTC prices have failed to breach the $10,000 region over the last 24 hours and the ETH prices have also been correcting lower as the traders and investors have been taking profits in this market ahead of the important SEC meeting to decide whether ETH is a security or not. Though it is generally believed that they would agree that it is not a security, the tension and the uncertainty has been a drag on the markets and that is why we have seen the ETH prices correct towards the $700 region over the last couple of days. If the SEC does decide that it is not a security, we could see a relief rally of sorts in the ETH market which should help it to recover all of its losses in the coming days but at this point of time, it is more a case of waiting and seeing.