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Bitcoin and Ethereum Price Forecast – BTC Prices Rise as Regulators Release Guidelines

The bitcoin prices have shot through $17,000 once again this morning as the Malaysia government and the South Korean blockchain foundation have released guidelines for how the bitcoin exchanges should operate in their respective countries. Both of these guidelines talk more about monitoring of transaction and stricter control and watch over the transaction rather than about any taxes at this point of time. These are increasingly seen as moves to regulate the bitcoin industry rather than trying to bring it under the control or ban them totally and hence has been seen as something hawkish.

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Prices At Top of Range

A lot of expectations was based on some announcement regarding taxation and the lack of such an announcement so far should be a relief for the investors in these countries, atleast for the time being. We believe that the question of taxation still remains and would come along eventually and hence his relief is only likely to be short lived. But this also signifies the growing acceptance among the banks and the regulators that this industry is here to exist and it would be more prudent to try and work through it rather than try and work around it.

Bitcoin 4H
Bitcoin 4H

After a few days of massive gains, the ETH market corrected over the last 24 hours and this is something that is expected of any such upmove. A trend does have periods of correction and this move down in the ETH prices can be viewed with the same lens. The price made a quick trip to the $600 region but has since bounced and now trades just below the $650 region as of this writing.

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Forecast

As we head into the weekend, we can see the BTC prices trying to make a breakout through the topside on the back of hawkish news so far this morning and it remains to be seen whether this move would stick and if it does, we should see the prices march towards the $18,000 region. The ETH prices are likely to consolidate as the investors take profits off the table and prepare themselves for the next upmove.

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This article was originally posted on FX Empire

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