Bitcoin (BTC), the world’s largest cryptocurrency, which had recouped some of its losses and gained modest traction around the $23,500 level, is again down slightly to $23,410, down 1.5% compared to yesterday. Ethereum is also on the same trend at $1,645, down 0.6%.
Nevertheless, good news can be categorized as recent progress in the cryptocurrency industry. In particular, the Australian central bank, which has expressed its willingness to investigate the adoption of a central bank digital currency (CBDC) in the country. This decision could have significant implications for similar projects in other Commonwealth countries.
In addition, France is making progress to take the lead in the regulation of cryptocurrencies within the European Union. Meanwhile, China is showing strong support for Hong Kong’s new cryptocurrency policies and the country’s efforts to legalize digital assets. These efforts are seen as significant developments that help minimize losses in the cryptocurrency markets.
The possibility of higher interest rate hikes and increased regulatory scrutiny in the cryptocurrency sector could nevertheless disappoint investors in the coming weeks This is one of the important reasons hindering any further rise in the price of BTC.
The Reserve Bank of Australia is interested in launching a digital currency
The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, an Australian financial research centre, jointly announced that Australia’s central bank will launch a live pilot of a central bank digital currency in the coming months.
On March 2, the RBA announced that it was working with the DFCRC to investigate the applications and financial benefits of a central bank digital currency in Australia.
However, the pilot project is scheduled to start on March 31 and end on May 31, with a final report on the results to be released on June 30. The report will include an assessment of the various use cases developed during the pilot project and all the pros and cons of a central bank digital currency in Australia.
France tightens rules for new players in the cryptocurrency sector
THE French senators passed stricter laws for cryptocurrency companies, which now only require the signature of President Emmanuel Macron to become law. The French National Assembly passed a law by 109 votes to 71 which imposes stricter conditions on new players wishing to enter the French cryptocurrency industry.
This move is seen as a setback for the cryptocurrency industry and may negatively impact crypto values.
On the other hand, Abu Dhabi strives to attract various digital asset companiesincluding cryptocurrency exchanges, digital wallets and blockchain companies, by providing a favorable regulatory environment and attractive tax incentives.
As a result, this decision is seen as an important victory for the cryptocurrency market, which could soon receive a boost.
The price of bitcoin
The current trading price of Bitcoin is $23,410, with a 24-hour trading volume of $22.8 billion. In the past 24 hours, Bitcoin saw a decline of 1.5% and its live market capitalization is $452 billion.
The technical outlook for the BTC/USD pair has not changed significantly as Bitcoin continues to consolidate below the $23,750 resistance level, while holding immediate support at $22,800. If the price falls below this level, Bitcoin may find new support at $22,150.
Although it is in an oversold zone, there is a real possibility of rebound of the BTC/USD pairwhich could result in a breach of the resistance level at $23,750 and a rise in price to $24,250.
Currently, market indecision gives way to weak corrections pending a decisive move up or down.
The price of Ethereum
The current market price of Ethereum (ETH) is $1,645 and its 24-hour trading volume is $6.9 billion. In the past 24 hours, Ethereum saw a decline of nearly 0.6% and its live market capitalization stands at $201 billion.
As for the technical analysis, the ETH/USD pair is trading in a narrow range of $1600-$1680, forming a symmetrical triangle. The breakout of this range will determine the next move in the market. A break up of the $1,680 level could lead to a further rise in the price of Ethereum towards $1,730 or $1,745.
On the other hand, a bearish pullback below the $1,600 level could pull Ethereum price towards the $1,550 level.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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