Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices Lounge About, ETC Rockets
Bitcoin prices corrected further yesterday and closed the day below the $15,000 region though it has since recovered to trade above this region as of this writing. We had discussed this yesterday in our article where we had mentioned that such corrections and consolidation are likely to happen with increasing frequency in the market as the BTC market becomes more and more mature during this year. This is likely to lead many speculators away from the market into other altcoins and this is going to affect the BTC prices even further. This is all good in the long run though.
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BTC Prices Still Around $15,000
Yesterday, the reason for the fall was the news that the South Korean regulators have begun to scrutinize bank accounts that are used by the crypto exchanges in that country in a bid to see whether any kind of tax avoidance or money laundering is happening. Though we feel that this isnt big news and it is just a sign that regulators are beginning to bring the market under control, this was enough to spook the markets. Add to this, the news that one of the main mining companies in China would be shutting down its mining services market for others and this combination of events was enough to lead the BTC prices lower and crash through the $15,000 region. The repurcussions were felt in other crypto markets as well.
The ETH prices soared to beyond $1200 during the first half of trading yesterday but the news above led to a fall in the prices in the second half and the prices fell below $1000. We mentioned in our snapshot that this was just a correction of the soaring prices from the weekend and this proved right as the prices have jumped back and now trade above the $1200 region as of this writing.
Forecast
Looking ahead to the rest of the day, expect the consolidation with a bearish bias to continue in the BTC markets for the day while the ETH prices are likely to continue to soar as it soaks up some of the renewed focus on it.
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This article was originally posted on FX Empire
