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Bitcoin and Ethereum Price Forecast – BTC Continues Under Pressure

Colin First
Updated

There has been a clarification from the finance minister of South Korea and he had said that the proposed ban on the exchanges needs to be discussed by the various departments before any such ban, could come into effect. This would also require a law to be made and that would take months or even years and anything could happen between now and then. This is the current situation with the bitcoin industry in South Korea and as can be seen, it is as fluid as it can be. Though the reports yesterday said that there was going to be a ban soon, the statement from the finance minister makes us believe that nothing much is likely to happen anytime soon and hence,this is a slight boost for the markets.

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BTC Prices Trade Under $14,000

But the bitcoin prices are showing none of that boost and the prices continue to trade below the $14000 region as of this writing. In other news, there has been a more than 7 time increase in the cost of mining from China and this is said to be due to the regulatory requirements that the mining industry is expected to follow henceforth in China. This could be bad news for the bitcoin industry for now and the level of crackdown from the various regulators could be making the traders think twice before they start buying the bitcoins again, in the short term.

The Eth market has also been impacted by all these developments but it seems to be holding on much better than the other coins, including the Bitcoins. We are seeing the prices trade just below the $1200 region and the prices seem to be quite stable for the short term. There have not been any major fundamental changes to the ETH markets as all the focus continues to be on the BTC markets.

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Looking ahead to the rest of the day, we do not believe that the BTC market is yet ready to shrug off all the negative press and so we can safely expect the prices to continue to be under pressure for the short term. The ETH prices should consolidate for the day as we await further developments.

This article was originally posted on FX Empire

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