Bitcoin (BTC), the world’s largest cryptocurrency, has recovered some of its losses and gained modest traction around the $23,500 level as the crypto market regains impetus following continuous progress in the industry. Currently, Bitcoin and Ethereum are trading at $23,516.89 and $1,649.09, respectively.
However, the ongoing recovery of Bitcoin’s price could be attributed to the recent advancements in the cryptocurrency industry. Notably, the Australian central bank has expressed its willingness to investigate the adoption of Central Bank Digital Currencies (CBDCs) in the country. This move could have significant implications for the CBDC plans of other Commonwealth nations.
Moreover, France is making strides to take the lead in cryptocurrency regulation within the European Union. Meanwhile, China is showing strong support for Hong Kong’s emerging cryptocurrency policies and the country’s efforts to legalize digital assets. These efforts are seen as significant developments that have helped to minimize losses in the cryptocurrency markets.
The possibility of higher interest rate hikes and increased regulatory scrutiny in the cryptocurrency sector may disappoint investors in the coming weeks, serving as negative news. This is another significant reason hindering any further gains in BTC values.
Australian Central Bank shows interest in CBDC
The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, an Australian financial research center, have jointly announced that Australia’s central bank will begin a live pilot of a central bank digital currency in the coming months.
On March 2, the RBA announced that it is collaborating with the DFCRC to investigate the applications and financial benefits of a central bank digital currency (CBDC) in Australia.
However, the pilot project is set to commence on March 31 and end on May 31, with a final report on the findings to be released on June 30. The report will include an evaluation of the various use cases developed during the pilot and any potential benefits and drawbacks of a central bank digital currency in Australia.
France Toughens Crypto Rules for New Users
French senators have passed stricter laws for cryptocurrency firms, which now only require President Emmanuel Macron’s signature to become law. The French National Assembly passed legislation by a vote of 109 to 71 that imposes stricter conditions on new players intending to enter the French cryptocurrency industry.
This move is considered a setback for the cryptocurrency industry and may have a negative impact on crypto values.
On the other hand, Abu Dhabi is working to attract various digital asset companies, including cryptocurrency exchanges, digital wallets, and blockchain firms, by providing a favorable regulatory environment and attractive tax incentives.
As a result, this move is seen as a significant win for the cryptocurrency market, which may soon receive a boost.
Bitcoin Price
The current trading price of Bitcoin stands at $23,450, with a 24-hour trading volume of $22.8 billion. Over the last 24 hours, Bitcoin has experienced a 1.29% decline. It is currently ranked first on CoinMarketCap, with a live market cap of $452 billion. Bitcoin has a total supply of 21,000,000 BTC coins, out of which 19,305,818 BTC coins are in circulation.
The technical outlook for the BTC/USD pair has not changed significantly, as Bitcoin continues to consolidate below the resistance level of $23,750, while maintaining immediate support at $22,800. If the price falls below this level, Bitcoin may find support at $22,150.
Despite being in the oversold zone, there is a possibility of a rebound in the BTC/USD pair, which could result in breaking through the resistance level of $23,750 and pushing the price up to $24,250.
Currently, the immediate support level for the BTC/USD pair stands at $22,800, and if this level is breached, it may expose Bitcoin to the next support area at $22,150.
Ethereum Price
The current market price of Ethereum (ETH) is $1,645, and its 24-hour trading volume is $6.9 billion. Over the last 24 hours, Ethereum has experienced a decrease of nearly 0.50%. It is ranked #2 on CoinMarketCap, with a live market cap of $201 billion.
Regarding technical analysis, the ETH/USD pair is trading within a narrow range of $1,600 to $1,680, forming a symmetrical triangle pattern. The breakout of this range will determine the next move in the market. A bullish breakout of the $1,680 level could lead to a further rise in the ETH price towards $1,730 or $1,745.
On the other hand, a bearish breakout of the $1,600 level could push the Ethereum price down toward the $1,550 level.
