The bitcoin prices got an boost from an unexpected place as Draghi touched upon bitcoin and its value yesterday in his speech. It is probably the first time that Draghi has spoken about bitcoins in a public form and the fact that the head of a central bank, that too a bank that is highly respected across the world, should be a boost for the bitcoin market. Also, the fact that he had no adverse comments againt bitcoins should also be a large boost for the bitcoins. He said that it was not within the powers of the ECB to regulate or control bitcoins which essentially means that the bitcoin industry is here to stay. How much value it has, how far it will be used and how much the various countries can regulate this market is going to be the key going forward.
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Bitcoin Prices Receive Boost, Eye Further Gains
This gave a large boost to the bitcoin prices as the prices broke through the $3800 region and now trade comfortably above the $3900 region with the important round figure of $4000 in its sights so far. It is going to be a tough ask to break through this region, despite the support from Draghi but the prices have been consolidating over the last few days and this is a lot of time as far as bitcoin prices are concerned. So, we may be in for a large move in the short and medium term and once the move begins, we can expect to see the speculators come back into the market in a big way which should then lead to more volatility.
The Ethereum market also drew strength from the comments of Draghi and now the prices trade in the $290 region with the $300 region firmly in their sights in the short term. A break through this region should open up $320 in a short period and if that happens, we should see other buyers start piling in as well.
Forecast
Looking ahead to the rest of the day, we can expect the markets to consolidate for a bit more time as they size up the situation and decide which way they would want to go. The investors would also like the situation to settle down in the short term so that they can invest again with confidence and that is the reason for this consolidation to continue.
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This article was originally posted on FX Empire
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