Bitcoin Wednesday

Bitcoin and Ethereum Price Forecast – BTC Price Stabilises

As expected, the BTC prices have not made much of progress over the last 24 hours and we are seeing the prices still moving around the $6200 region as of this writing and this is likely to continue in the short term. The concerns of the market over the troubled exchange Wex, out of Russia, continues to dominate the prices at this point of time. There have been reports that the Binance exchange has been freezing the wallets that are related to the Wex exchange and this is adding to the jitters in the markets over the last couple of days. Though the impact on the prices has not been much so far, it is important to keep an eye out for the same over the coming days.

BTC Prices Steady

This problem could continue to multiply and become larger in the coming days and this is what the investors and the traders would be looking out for. We are also seeing much of the gains made by several coins like Ethereum, being wiped out towards the second half of the year and this is also likely to disappoint the investors and push more of them outside the market and make them adopt a wait and watch attitude in the short term.

Bitcoin 4H
Bitcoin 4H

This the same case in the ETH market as well which has been affected even more by the fall in the demand for BTC and ETH and the other cryptos in general and we are seeing the prices flounder over the last few months. There does not seem to be any respite for this market in the near future as the effect of newer coins is beginning to take its toll on the ETH market and pushing the demand for the same, lower.

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Looking ahead to the rest of the day, there is unlikely to be much of an action in the markets over the coming days though the traders need to keep an eye out over how the situation around the troubled Wex exchange develops in the coming days. This could begin to impact the market in an adverse manner if it is found that the problem is larger and broader than what was anticipated.