5-Minute Crypto & Stock Market Update -Trade War Talks Continue To Lead
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The Trade war talks continued to take its toll on the Chinese Yuan, especially versus the US dollar. Oil prices also took a hit over the trade deal wariness. On Tuesday the UK will take the stage as BOE Governor Mark Carney Speaks In Parliamentary Testimony. We also have the Euro-Zone ZEW Survey for October and New Zealand’s consumer price index for Q3.
Crypto Market Overview
It’s been another tough week for Bitcoin, which has experienced two sudden price drops over the past few days. It’s currently trading around $8,000. The fall was largely attributed to the disappointing launch of Bakkt futures market. Although additional market factors have contributed as well. Other coins have also fallen.
However, there are quite a few indicators suggesting prices are likely to stabilize by the end of the week.
This week, we’ll pay attention to how the G7—representing some of the most powerful countries in the world—chooses to approach the perceived risks presented by the crypto industry. The meeting may have a tremendous impact on how coins are traded and exchanged between individuals in different nations.
We’ll also pay close attention to Facebook’s continually developing Libra issues. According to US Treasury Secretary Munchin, there are already signs that Facebook does not believe the coin will be able to satisfy all regulations. Whether this leads to the eventual abandonment or modification of the project remains to be seen.
Stock Market Overview
After a bit of a rough week, stocks have managed to experience a modest rally. The S&P 500 is hoping to once again break the 3,000 point mark, something that traders were once hoping would represent the index fund’s newest trading floor.
Many of last week’s financial woes came in response to the United States announcing that it would actively expand its exporting blacklist. The tightening of markets—in addition to a still bitter trade war with China—have caused the market for global capital to become noticeably less liquid. Markets were also hindered by many Q3 earnings reports that failed to meet expectations.
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