Markets on Tuesday: USD Rebounds, But Cryptos Feel the Heat
The USD has bounced but it was the crypto's that felt the heat.
US Traders returned to the markets after the Martin Luther King holiday weekend and there was plenty of action around.
The USD managed to find a little bit of support in the short-term as price bounced off the 90.50 level. This was on the back of an extended down run and there still might be more in store.
That obviously helped the majors with the USD/JPY finding strength. While it also opened the door for some great trading opportunities in the majors.
Stocks also sank after earlier testing the highs. Volatility was high in what looks like it might be a short-term top in what has been a very powerful bull market.
Cryptocurrency Troubles
The story of the day has certainly been in the crypto’s as they are all deeply in the red. Ripple (XRP) was down 40% and Bitcoin (BTC) was testing 10,000.
Bitconnect has announced that it is shutting down, which rattled markets. There are also the ongoing issues with South Korea and China surrounding regulations.
The 10,000 mark in Bitcoin (BTC) will be important as it is a big psychological support level. If we crack through that mark there might be a fair bit more downside to come.
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