Bitcoin prices corrected lower on the back of some volatile trading over the last 24 hours though there does not seem to be any specific reason for the same. We would like to view all these movements over the last few days as purely down to some choppy trading as the market awaits some real direction in the new year. We believe that there is still a shortage of liquidity in the market and this is likely to keep the market under pressure in the short term as the traders try to take advantage of the weakness in the bitcoin and buy some more of the same as they believe that the prices would more higher.
Prices Dip Below $15,000
As we have been saying over the last couple of weeks, we cannot expect the bitcoin prices to keep skyrocketing any more at the same pace. The reason is manifold and it includes the fact that more and more regulations are likely to come in to regulate the bitcoin industry and this is likely to put off the speculators. Likewise, the introduction of the futures is also going to have a huge bearing in the price, much more than what most traders would give credit to. A combination of such events should keep the lid on the bitcoin prices for the short term.
Ethereum prices have also followed the BTC prices lower and as we have mentioned above, the slow trading and the lack of liquidity in the markets has affected a lot of other cryptos as well and ETH is not any exception to the same. The prices are now trading below the $700 region and it is likely that it will continue to trade in a weak manner in the short term as well.
Looking ahead to the rest of the day, as we near another long weekend for most parts of the world. expect some more consolidation and ranging in the crypto markets with the BTC prices trading below $15,000.
This article was curated from Google News. You can read the original article here.