Oil revival pressures cryptocurrencies

Iran woes hobble cryptocurrencies

“It feels like Groundhog Day for global markets as US President Trump ramps up the speculation his next moves in the Middle East. Oil prices enjoyed a solid run higher last week and are poised for more gains even as reports of talks filter through to investors. Stock markets and cryptocurrencies find themselves vulnerable at present, as investors raise cash to protect against a downturn. Global markets will rapidly reach a crunch point unless the Straits of Hormuz are reopened soon, putting severe pressure on the whole cryptocurrency space.

What we’re watching – Nvidia results & the Middle East

“The biggest company in the world’s results this week provide a welcome distraction from the slow-motion crisis in the Middle East, if only temporarily. But with so much good news priced into tech stocks after the blistering rally of the last six weeks there is a significant risk that even Nvidia’s bullish outlook will be enough to satisfy investors. While bitcoin’s uptrend is intact for the time being, it is notable that ether looks much more at risk of fresh declines – a month has passed since the highs of this meagre rally, and a return to even those levels seems unlikely right now.”