The BTC prices have been moving higher over the weekend though there has been some profit taking being seen in the markets over the last few hours. We had mentioned in our forecasts last week that the crypto markets are in a period of consolidation following the large losses that were suffered by the traders due to the conflicting reports from South Korea. Many of these reports about a total ban turned out to be false and all that the regulators have done so far is to impose a corporate tax on the exchanges which is an indication that there is no action in the short term that would ban the exchanges or trading as such.
- Why Bitcoin Cash is Better than Bitcoin?
- How to Buy Bitcoin Cash?
- How to Short Bitcoin?
BTC Prices Buoyant
This should have led to a large relief rally but so far, we have not seen that but what we are seeing is a period of consolidation followed by a slow period of rise. This is typical of a mature market and we are increasingly seeing signs of a growing market inhabited by large investors, over the last few weeks, which bodes well for the future of the industry. Over the last few days, we have also seen reports of a $400 million hack in the Coincheck exchange on their NEM wallets. The exchange has said that they would be compensating most of those losses which is a good sign of corporate governance. This has also probably led to some strength in the markets over the weekend.
More than the BTC prices, we have seen the ETH prices move higher over the weekend as it trades near the $1200 region as of this writing. We have always maintained that the ETH network is much more stronger fundamentally and have always said that the traders should be looking into piling on to the ETH market whenever there is a correction. We believe that the prices would soon be moving towards the all time highs in the short term.
Looking ahead to the rest of the day, we might see a bit of correction in the prices as the traders return back from the weekend and see the higher price. But this correction should be short and quick and this should be followed by further upside in both the BTC and ETH markets which is likely to carry the prices over $12000 and over $1300 respectively.