Daily Ethereum Price Forecast: ICO Rules Will Unshackle ETH Prices
Clarity is the best form of Ethereum news we can hope for these days. Clarity on initial coin offerings (ICOs), cryptocurrency trading, and smart contracts. We need regulators to provide clear regulations on these issues or else the Ethereum price forecast is going nowhere.
However, there’s good news on that score.
China may have cracked down on cryptocurrencies, but Japan is taking a friendlier approach to Ethereum and Bitcoin. It outlined a clear licensing procedure for cryptocurrency exchanges. So far, 11 domestic exchanges are approved for trading.
Among them are QUOINE, Bit Bank Corporation, SBI Virtual Currencies, Bit Trade, BTC Box, Bit Point Japan, Fiscal Virtual Currency Exchange, and Tech Bureau.
Officials at Japan’s Financial Services Agency also said they have no intention of banning ICOs, which is a strong statement in favor of innovation. With that amount of certainty in the air, one would imagine a reorganization of global crypto capital towards the low-regulatory environments.
Japan is likely at the top of that list.
That said, Canada and the U.S. are walking in the middle of the road, cracking down on shady ICOs while staying bullish on cryptocurrency market at large.
This mixed approach is also bullish for Ethereum prices, since most of the investors I’ve talked to are completely fine with taking down shady ICOs. Some of the ICOs are borderline scams in any case, so it’s good to separate them from the value-generating parts of Ethereum.
At the time of writing, the Ethereum to USD exchange rate was up 1.09% to $301.31.
Analyst Take:
Although we hold to our $1,000 Ethereum price forecast, we are aware that regulatory certainty is a necessary component of that prediction. The ongoing evolution of that regulatory environment has not given us reason to abandon our forecast.
Or to put it in simpler terms, we are still bullish on ETH prices.
