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Bitcoin and Ethereum Price Forecast – BTC Prices In Range

The BTC prices continue to consolidate and range over the last 24 hours as the volatility and the liquidity in the market continue to be dull. This is likely to remain so for the short term. As far as developments are concerned, we have reports that a major VC firm in Singapore is likely to invest in Binance and help with the exchange’s plans to expand into Singapore. On the other hand, we continue to hear reports of problems at the Wex exchange as the investors and the traders over there continue to struggle to withdraw their holdings from there. This is generally the 2 sides of any market that is developing and that is what we are seeing here now.

BTC Prices Slow

The impact of such developments on the BTC prices have been pretty minimal so far and it is expected that this will be the case in the short and medium term as the market continues to mature and the traders and the investors accept these developments as a part of the industry. This kind of awareness was not there in the market last year and that was one of the reasons for the large volatility that we saw in the markets during that period. But now, the market seems to be ready to accept anything and that is one of the reasons for such a consolidation.

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The ETH prices have also remained stable over the last 24 hours as the lack of fundamentals and the lack of proper and scheduled network development is likely to keep the prices low in the short and medium term. As we had explained yesterday, the development within the network has slowed down and it hasnt been the cohesive and the planned development that we had been seeing in the first few months of this year and the impact of this on the prices has been telling.

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Forecast

Looking ahead to the rest of the day, we do not believe that there would be anything but consolidation in the markets over the short term and we are likely to see the ranging continue as the bulls try and search for some push or momentum from somewhere.

This article was originally posted on FX Empire

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