ForexMinute.com – Nothing has changed much in the cryptocurrency market in over the last 24 hours, as both Bitcoin and Litecoin continue to consolidate sideways amid minimal trading volume. For obvious reasons, traders are keeping their distance from all sorts of trading markets in a holiday season, and nothing major is accepted until Wall Street reopens.
In the meantime, there are also rumors of traders taking tax-reduction measures which normally happens at the end of every year. People who have made huge losses in Bitcoin trading this year are indeed selling in December, in order to avoid short-term capital gains taxes. Therefore, we are expecting no major price fluctuations until the beginning of the year 2015.
Many among us might still be optimistic of Bitcoin to perform well next year. A number of trade pundits are still excited about the huge capital that was invested in the cryptocurrency industry this year; nonetheless, the growing merchant adoption still had its share of controversies as they definitely put selling pressure on the price, resulting into periodical drops.
Much could be changed if big merchants like Microsoft or Dell decides to hold on to Bitcoins rather than having them converted to fiat via a third party. This is to control the excessive supply into the market, while increasing demand on other end.
Note: As the technical landscape of the cryptocurrency market hasn’t changed much, you may consider reading yesterday’s analysis. Read it here.