Bitcoin Price and Ethereum Prediction: Stagnant Trading Range Leaves Traders Wondering About the Next Move

cryptonews.com:

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.

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.