It has generally been a dull day of trading in the bitcoin markets over the last 24 hours, dull by the standards of bitcoin markets of course. The action is clearly in the ETH markets and with the focus shifting to other coins, the BTC prices have been chopping around, not knowing where to go. BTC continues to dominate the crypto landscape but we are also seeing clear signs of investors and speculators shifting to other coins as bitcoin comes under the lens of more and more regulators. Some of the major bitcoin trading countries like South Korea are mulling the taxation of gains made in bitcoins and are also looking at other ways in which the prices and the speculation in this market can be reigned in.
Prices Continue to Consolidate
We also had the Fed Chief Yellen, in her last speech before she leaves the Chair, saying that bitcoin was a speculative asset. It is not something that many do not know but it has to be said that it is indeed a big achievement for the bitcoin industry that they have made even the biggest central bankers to sit up and take notice. It is clear that the market and the industry is here to stay and now it is up to the regulators to see and decide how they would like to deal with it.
Ether has clearly been the darling of the markets over the last week or so as it has risen by over 50% during this period and now trades comfortably above the $700 region. We have been mentioning in many of our forecasts of how we believe that the fundamentals of ether are pretty strong, stronger than that of BTC, and hence it was only a matter of time before it started getting noticed by investors and speculators and received the attention that it truly deserves.
Looking ahead to the rest of the day, we should see the BTC prices continue to consolidate as the traders and the market await further direction. This should lead to some tight ranging trading near the highs of its range. We expect the ETH prices to continue to remain bullish for the day as it enjoys the limelight that it is under.
This article was originally posted on FX Empire
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