The BTC prices continued on their quiet consolidation and ranging over the last 24 hours as there was not much fundamentals or economic data to rock the crypto market as such. The one major development has been the decision of the large crypt exchange Coincheck to re-enter the Japanese market and also expand into the US. This is a positive sign though it is unlikely that it will impact the prices too much at this point of time. It is positive due to the fact that this shows that the market is beginning to mature.
Prices In Range
This also shows that more and more big money is entering the market as the traders and the investors become confident that the market is here to stay and that it would be wise for them to first regulate the market and pave the way for the entry of the bigger players. This is likely to be an ongoing process and this would only delay the demand for the cryptos in the coming months and years and hence the large volatility that we have been used to in this market is likely to become lesser and lesser in due course of time.
The ETH prices have fallen below the $700 region as of this writing but there are no signals for panic as yet. The prices continue to consolidate and range as in the rest of the market and as usual, this is expected to continue for the next month or so. We do not see any danger to the bulls as yet and they continue to remain in control of the market as of now and this is likely to be only an accumulation phase in the bigger scheme of things.
Looking ahead to the rest of the day, we do not see any major changes in the price with the lack of any fundamental news or data and hence we believe that the prices would continue to range. Unless the major support regions, which we have been mentioning in our prior forecasts, come under danger, there is still no chance of the trend reversing.
This article was originally posted on FX Empire