Market Snapshot – Bitcoin Feels the Heat From Regulators

BTC Prices Fall

With the markets in a slumber mode due to the holidays in various parts of the world and with many of the traders not at their desks, the attention is now focussed on the cryptocurrency industry as it continues to toss and turn as we head into the new year. The bitcoin market is clearly under pressure from various quarters as the regulation of the industry begins to happen in full swing. The latest to join the bandwagon is South Korea with reports that they are planning a lot of controls on the trading and also have the option of shutting down the exchanges on their radar. This has spooked the markets as a lot of volumes is done at these exchanges and a closure of these would mean another major blow for the industry just as how it happened in China. It managed to recover from the China blow but it remains to be seen whether it can survive this blow, if and when it happens.

Other Markets in Sleep Mode

The rest of the markets are in a slow mode with the dollar weakness being the overriding theme in the markets. The stock markets all around the globe are in a consolidation and ranging mode for most of the last 24 hours which is quite expected as the traders are off on a holiday and most of the trading desks continue to be vacant during this period as the market awaits another long weekend. Gold and crude oil are both trading higher in a low volume trading.