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Bitcoin Wednesday
Bitcoin Wednesday

The BTC markets seems to be in trouble once again as the prices have dropped below the strong support at the $10,000 region and threatening to move lower. The BTC industry gets by one news after the other almost on a daily news and due to the volatility and low liquidity, the moves and the news get amplified and that is the reason why we are seeing the prices being pushed this way and that once each and every news item starts trickling in. The latest news to hit the market is the subpoena on Bitfinex and Tether and this has brought in the jitters once again.

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BTC Prices Under Pressure

Though it has been known that Bitfinex has been doing some shady business and an action like this was something that was expected and long time coming, the fact that the news is here on us is likely to affect the markets and the prices for now. Also, over the last few hours, we are getting reports that Facebook has banned all ads related to cryptocurrencies and ICOs on its platform, as it believes that many of them are being used as vehicles to scam people as not much is known about the people behind these cryptos and ICOs. This is likely to be a large blow for the ICOs as FB provided them a cheap and safe alternative for them to reach out to the investors.

Bitcoin 4H

The Ethereum market has also been hit as the bearish move in the prices has spread all across the crypto industry. The ETH prices seem to be doing slightly better than the BTC prices as they trade above the $1000 region comfortably but we do expect this choppy price action to continue in the short term as the market comes to terms with all the latest news and the hiccups that the industry seems to be going through currently.

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Forecast

Looking ahead to the rest of the day, expect some pressure on the BTC and the ETH prices for today as the traders struggle to keep the prices afloat. Expect a battle between the bulls and the bears for control of the prices and once again, we have to reiterate that the ETH prices are expected to do much better than the BTC market.

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