The bitcoin prices have been climbing higher over the weekend as the traders have been using the lack of liquidity over the weekend to push the prices into another leg of bullishness. This has led the bitcoin prices to push through the $11000 region and continue on its upward journey as the talk for the need for more regulation of the industry begins to grow. More regulation would mean more controls and the question of taxes would also come into the picture making it a complicated thing for the investors and speculators alike.
Bitcoin Prices Aim Still Higher
Like any other instrument whose value grows and slowly and steadily it begins to attract attention, the same is being seen in the bitcoin market as well. On the one hand, we have the talk of CME and CBOE looking to launch bitcoin futures and the CFTC also looking to see how they could authorise that. This is likely to enable good 2 way trading if and when that happens and would also help to add to the credibility and the maturity of the market. On the other hand, we have all the talk for more regulation of the industry and also for taxation of the gains made from the bitcoin trading. This would also mean that those who trade on bitcoins are likely to be tracked very closely and it would become the responsibility of the exchanges to do the same.
The Ethereum market has once again shifted to a period of consolidation and ranging as all the focus is on the bitcoin market at this point of time. Though the ETH prices continue to trade above $450, they have not been able to push through the magical $500 mark on a consistent basis and this lack of bullishness has made many traders to take profit adding pressure on the prices.
Looking ahead to the rest of the day, we can expect the bullishness to continue in the BTC prices and it wont be a surprise to see the prices crack through the $12000 region in the days to come. On the other hand, the consolidation is likely to continue in the ETH market which looks more stable and mature than BTC.
This article was originally posted on FX Empire
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