Yahoo Finance Market Snapshot – Stocks Rise and Cryptos Plunge
Crypto Prices Fall
The stock markets in Europe rose higher and what was surprising was the fact that the DAX also rose higher despite the fact that there were reports that said that the coalition talks had broken down and a deal, which was almost confirmed on Friday, looks as far away as it was when they started their talks. Though this may sound ironical, this news led the euro to fall by around 50-60 pips but this news boosted the stock markets in a queer sort of way and hence we are seeing many of the markets higher for the day. This is in contrast to the crypto markets which has seen an all round crash in the prices with BTC, ETH and ripple all falling by over 10% at the time of writing. The reports about a crackdown on the exchanges in South Korea is attributed as the reason for the fall.
Gold Continues to Trade Strongly
Gold continues to trade in a very strong manner, as it has been doing over the last few weeks. The weakness in the dollar has helped the gold bulls immensely and they have seized the opportunity with both hands and this has led to an almost $80 rise in the gold prices over the last month or so. Now the prices are trading near their range highs and it looks as though there might be a slight correction in the gold prices before the next move. The market and the traders are waiting for the fundamentals to show them the next direction.
This article was originally posted on FX Empire