Bitcoin (BTC), the world’s largest cryptocurrency, has recovered some of its losses and gained minor traction around the $23,500 level as the crypto market rallied following sustained progress in the industry. Currently, bitcoin and Ethereum are trading at $23,516.89 and $1,649.09 respectively.
However, the ongoing recovery in the price of bitcoin can be attributed to recent developments in the cryptocurrency industry. In particular, the Australian central bank has expressed a desire to investigate the adoption of Central Bank Digital Currencies (CBDCs) in the country. The move could have significant implications for CBDC plans in other Commonwealth countries.
Furthermore, France is striving 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 important developments that have helped reduce losses in the cryptocurrency markets.
The prospect of higher interest rate hikes and increased regulatory scrutiny in the cryptocurrency sector could frustrate investors in the form of negative news in the coming weeks. This is another important reason that prevents further growth in BTC prices.
Australian Central Bank shows interest in CBDC
The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, an Australian financial research centre, 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 it was collaborating with the DFCRC to examine the applications and financial benefits of a central bank digital currency (CBDC) in Australia.
However, the pilot project will start on 31 March and end on 31 May, with a final report on the findings to be issued on 30 June. 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 tightens crypto rules for new users
French senators have passed strict laws For cryptocurrency firms, that now only needs 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 seeking to enter the French cryptocurrency industry.
The move is considered a blow to the cryptocurrency industry and could 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, the move is seen as a significant victory for the cryptocurrency market, which could soon see a boost.
bitcoin price
current trading price of Bitcoin stands at $23,450 with a 24-hour trading volume of $22.8 billion. Bitcoin is down by 1.29% in the last 24 hours. It is currently ranked 1st in Coinmarketcap with a live market cap of $452 billion. The total supply of bitcoin is 21,000,000 BTC coins, 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 $23,750 resistance, while holding immediate support at $22,800. If the price breaks below this level, bitcoin could find support at $22,150.
Despite being in the oversold zone, the BTC/USD pair has a potential for a rebound, as a result of which breaking the $23,750 resistance could propel the price towards $24,250.
Currently, the immediate support level for the BTC/USD pair is $22,800, and a breach of this level could expose bitcoin to the next support area at $22,150.
ethereum price
current market price of Ethereum (ETH) at $1,645, with a 24-hour trading volume of $6.9 billion. In the last 24 hours, Ethereum experienced a decrease of about 0.50%. With a live market cap of $201 billion, it is ranked #2 on Coinmarketcap.
Regarding technical analysis, the ETH/USD pair is trading within a narrow range of $1,600 to $1,680, forming a symmetrical triangle pattern. Breakout of this range will determine the next move in the market. A bullish breakout of the $1,680 level could propel ETH price further higher towards $1,730 or $1,745.
On the other hand, a bearish breakout of the $1,600 level could push Ethereum price towards the $1,550 level.
Top 15 cryptocurrencies to watch in 2023, excluding BTC and ETH
There are many options for investors in the cryptocurrency market apart from Bitcoin (BTC) and Ethereum (ETH). The Industry Talk team at Cryptonews has compiled a list of the top 15 altcoins to keep an eye on in 2023.
The list is constantly refreshed with new ICO projects and altcoins, so be sure to revisit it regularly for the latest inclusions.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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