Bitcoin and Ethereum Price Forecast – BTC Receives More Regulatory Shocks

The bitcoin market continues to be rocked by more and more scrutiny and regulations and it is indeed a surprise how the prices manage to stay above $14,000 region as of this writing despite all the developments. It just goes to show the trust the traders have on the crypto and also the need surrounding the same which is driving the prices at this point of time. In an environment of ever changing requirements, we have reports that the police and regulators in South Korea have raided bitcoin exchanges there for tax evasion. There are also reports that say that the regulators there are mulling shutting down of many exchanges and this follows the news that China may also shut down bitcoin mining.

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BTC Prices Under Pressure

Added to this is  the news that the US Senate may have a discussion on bitcoins and cryptos where far ranging topics including tax evasion could be discussed. This bunch of news has helped to throw the prices in different directions over the last 24 hours with the prices moving towards the $13000 region at one point of time only to recover during the night and it trades above the $14000 region as of this writing. South Korea is one of the biggest markets for crypto trading and hence shutdown of the exchanges there should be one more blow to the industry, if it comes true. With this kind of background and many developments, we believe that the BTC prices are likely to be under extreme pressure in the days ahead and we would not be surprised to see further correction in the prices in the days to come.

The ETH market does not seem to have been much impacted by all this news as all the negative press seems to be surrounding the BTC market rather than the ETH market. This has helped the ETH prices to stay above the $1250 region over the last 24 hours and it is likely to remain so for the short term. The ETH market has shown a lot of strength in recent times as the negative developments in the BTC markets has pushed the traders towards ETH.

Forecast

Looking ahead to the rest of the day, expect a lot of negative volatility to pervade through the BTC markets on the back of the various news events and we are likely to be in for a period of correction and consolidation. The ETH prices are expected to continue to remain strong over the next 24 hours with the impact of all the above developments expected to be minimal.

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