The bitcoin prices continued to toss and turn over the last 24 hours with no specific direction but the pressure on the prices is there for everyone to see clearly. The prices made a beeline to the $14000 region only to recover during the later half of the day and it now trades just below the $15000 region as of this writing. The reports that South Korean regulators could go as far as shutting down the BTC exchanges had spooked the markets yesterday and led the prices lower but what has transpired from them today is much less than what was feared.
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Prices Choppy
The regulators in South Korea have imposed some rules on the domestic exchanges which includes collection of more information about the customers and restricting the use of anonymous accounts by the customers and this is likely to be the first of series of restrictions on the exchanges. But so far, this is far from the fears of some of the traders who had felt that they would be shutting down the exchanges totally. This is a kind of relief for the traders and has since led the prices higher. The BTC prices are likely to continue to have some choppy trading over the next few days as well as we wind down one of the momentous years for this industry.
The ETH market has been stable, as compared to the BTC markets, and it looks to establish itself as a major player in this industry. Many traders feel that 2018 would well be the year of ethereum, just as how 2017 was the year of bitcoins. We continue to believe in the fundamentals of ETH and we will closely watch how the situation develops.
Forecast
Looking ahead to the rest of the day, expect some consolidation in the BTC market while the ETH prices continue to trade in a buoyant manner. We expect the ETH prices to break through the $1000 region within the next couple of weeks as it gets on its next bullish leg.
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This article was originally posted on FX Empire