Bitcoin and Ethereum Price Predictions: BTC and ETH Recover Over 3% - More Gains on the Horizon?

cryptonews.com:

Bitcoin, the world's largest cryptocurrency, halved its downward trend and regained momentum on the day. Meanwhile, Ethereum, the second-largest cryptocurrency, outperformed BTC, increasing by more than 4%. 

The upward rally in the cryptocurrency market has been spurred by a variety of factors, including an increase in US consumer confidence in March, recent advancements in the cryptocurrency industry, and Bitcoin's status as a safe-haven asset. 

It is worth mentioning that consumers are losing their trust in traditional banks as a result of recent bank collapses, which was regarded as a key factor for the Bitcoin price increase.

The crypto market cap has increased by 2.56 percent to $1.16 trillion, with Bitcoin and ETH leading the charge. Notably, the CFTC has specifically focused on Ethereum by stating its support for ETH as a commodity, resulting in an upward rally of more than 4% in the recent few hours. 

The head of the US CFTC recently restated his stance that Ether is a commodity, not a security, which might lead to an increase in Ether's value.

The Commodities Futures Trading Commission (CFTC) has recently recognized Ethereum (ETH) and Litecoin (LTC) as commodities, in the same way that Bitcoin is. This means that Ethereum (ETH) and Litecoin (LTC) are seen as trading assets, similar to gold or oil. The CFTC issued this statement as part of an investigation into Binance, a well-known cryptocurrency exchange.

This news will have a positive impact on the BTC and ETH prices as it verifies their commodity status, which might ultimately improve their legitimacy and adoption in traditional financial markets. It may also result in enhanced regulatory supervision and institutional investor approval.

Thus, it will be interesting