Yahoo Finance Market Snapshot – The Stocks Move Higher as Crypto Slide
Cryptos Lower
The crypto markets continue to be under pressure as the deal with the various issues regarding the developments in Japan and with the SEC in the USA. While the Japanese regulators have been reported to have taken action against erring exchanges, the SEC continues to dawdle on how to deal with the ICOs. While in general, they have made it clear that most of the ICOs would fall under the category of securities and hence would be deemed illegal if the required processes and procedures were not followed, they have issued another similar warning over the last 24 hours where they have made it clear that they might once again crackdown on ICOs and exchanges that list ICOs which have not obtained the required permissions and passed through the regulators. This is something that is well known to many of the investors who have been in the crypto industry for some time but the market and the trend is so weak that the new traders seem to want to sell off the cryptos at the drop of a hat.
Stocks On Strong Footing
The US stock markets closed at their highs on Friday due to the strong employment data in the form of NFP that came in on that day. This improved the prospects of more rate hikes along the way and it seems as though the market would get its wish of having 4 rate hikes during the course of the year. The Fed is dependent on the incoming data to make that decision and so far, the data continues to be strong and hence the doors are wide open for the same. The strong finish on Friday is expected to serve as a boost for the US stock markets when they open later in the day and hence we can safely expect a steady opening for the day.
This article was originally posted on FX Empire
