The cryptocurrency market is in the red during the mid of the trading sessions on Thursday. The merrier-than-expected inflation data failed to cheer cryptocurrencies as the crisis in Swiss lender Credit Suisse has jolted global markets. It is expected that the development around the embattled lender may take a toll on the crypto market in the coming weeks.
The cryptocurrency market is in the red during the mid of the trading sessions on Thursday. The merrier-than-expected inflation data failed to cheer cryptocurrencies as the crisis in Swiss lender Credit Suisse has jolted global markets. It is expected that the development around the embattled lender may take a toll on the crypto market in the coming weeks.
At the time of writing, the crypto market cap traded at $1.08 trillion — down by 2.02% decrease over the last day. In volume terms, the market plunged by 17.67% over the last 24 hours to perform at $81.48 billion.
At the time of writing, the crypto market cap traded at $1.08 trillion — down by 2.02% decrease over the last day. In volume terms, the market plunged by 17.67% over the last 24 hours to perform at $81.48 billion.
Leader of the board, Bitcoin was trading lower by $1.29 billion. It was near $24,530 with a market cap of $473.89 billion. The trading volume in Bitcoin is also down by 19.4% to nearly $42.46 billion.
Leader of the board, Bitcoin was trading lower by $1.29 billion. It was near $24,530 with a market cap of $473.89 billion. The trading volume in Bitcoin is also down by 19.4% to nearly $42.46 billion.
In the early trading session, Bitcoin witnessed a volatile movement. The crypto touched the day’s high of $25,240.62 but also pulled back to an intraday low of $23,964.91.
In the early trading session, Bitcoin witnessed a volatile movement. The crypto touched the day’s high of $25,240.62 but also pulled back to an intraday low of $23,964.91.
However, Bitcoin’s dominance picked up by 0.50% in the overall market to 44.24%.
However, Bitcoin’s dominance picked up by 0.50% in the overall market to 44.24%.
Furthermore, Ethereum which is the top trending crypto on Thursday was trading lower by 3.4% to near $1,346. Cryptocurrencies like XRP, Cardano, Polygon, and Dogecoin tumbled between 3-8%.
Furthermore, Ethereum which is the top trending crypto on Thursday was trading lower by 3.4% to near $1,346. Cryptocurrencies like XRP, Cardano, Polygon, and Dogecoin tumbled between 3-8%.
Credit Suisse rallied by more than 32% and crossed the $2 mark on Thursday after the lender announced that it will borrow up to CHF 50 billion from the Swiss National Bank (SNB) under a Covered Loan Facility as well as a short-term liquidity facility.
Credit Suisse rallied by more than 32% and crossed the $2 mark on Thursday after the lender announced that it will borrow up to CHF 50 billion from the Swiss National Bank (SNB) under a Covered Loan Facility as well as a short-term liquidity facility.
This borrowing is fully collateralized by high-quality assets, CG said. Also, the Swiss lender announced offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approximately CHF 3 billion.
This borrowing is fully collateralized by high-quality assets, CG said. Also, the Swiss lender announced offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approximately CHF 3 billion.
The additional liquidity is likely to support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs.
The additional liquidity is likely to support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs.
On Wednesday, Credit Suisse stock touched a record low. There is a contagion of fear among investors about the banking and financial sector, especially after lenders like Silicon Valley Bank and Signature Bank collapsed in the US last week. Soon after, worries followed in Credit Suisse when it said in its annual report for 2022 that they have identified “material weaknesses” in internal control over financial reporting.
On Wednesday, Credit Suisse stock touched a record low. There is a contagion of fear among investors about the banking and financial sector, especially after lenders like Silicon Valley Bank and Signature Bank collapsed in the US last week. Soon after, worries followed in Credit Suisse when it said in its annual report for 2022 that they have identified “material weaknesses” in internal control over financial reporting.
Also, investors dumped Credit Suisse’s share price after its biggest backer ruled out the possibility of aiding the troubled Swiss bank as a bigger shareholding could lead to additional regulatory hurdles.
Also, investors dumped Credit Suisse’s share price after its biggest backer ruled out the possibility of aiding the troubled Swiss bank as a bigger shareholding could lead to additional regulatory hurdles.
On the previous day, the discomfort around Credit Suisse has even fuelled around $60 billion of the rout in European banks.
On the previous day, the discomfort around Credit Suisse has even fuelled around $60 billion of the rout in European banks.
On the crypto market, Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange said, “Bitcoin is hovering around the $25,000 mark as positive inflation data brought cheer to the investment community. The collapse of Silvergate and Silicon Valley banks has put the focus back on decentralized finance as a measure to protect user funds. However, the latest developments at Credit Suisse may spook the global markets and spoil the crypto party in the coming weeks.”
On the crypto market, Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange said, “Bitcoin is hovering around the $25,000 mark as positive inflation data brought cheer to the investment community. The collapse of Silvergate and Silicon Valley banks has put the focus back on decentralized finance as a measure to protect user funds. However, the latest developments at Credit Suisse may spook the global markets and spoil the crypto party in the coming weeks.”
Earlier, on March 15, Thakral said that the UK government bailing out the Silicon Valley Bank has created a positive sentiment within the investment community and which may have increased buying activity. As per the latest data, US consumer inflation has slowed down but it’s still on the higher side which may drive Fed to continue its hawkish stance. If the macroeconomic factors continue to remain favourable then we may see Bitcoin testing $30,000 level very soon.
Earlier, on March 15, Thakral said that the UK government bailing out the Silicon Valley Bank has created a positive sentiment within the investment community and which may have increased buying activity. As per the latest data, US consumer inflation has slowed down but it’s still on the higher side which may drive Fed to continue its hawkish stance. If the macroeconomic factors continue to remain favourable then we may see Bitcoin testing $30,000 level very soon.
However, in regards to the US banks’ fallout and its impact on cryptocurrencies, Ramit Arora, President, and Co-founder, Biz2Credit said, “Crypto market would be severely impacted as two banks servicing the crypto industry have been shut down. This would cause value of bitcoin to fall even further and we will see more people moving money out of crypto to assets like gold and other precious commodities.”
However, in regards to the US banks’ fallout and its impact on cryptocurrencies, Ramit Arora, President, and Co-founder, Biz2Credit said, “Crypto market would be severely impacted as two banks servicing the crypto industry have been shut down. This would cause value of bitcoin to fall even further and we will see more people moving money out of crypto to assets like gold and other precious commodities.”
US inflation came merrier at 6% in February 2023 compared to the street’s estimates of 6.4%. The latest reading would be the lowest since September 2021. Better-than-expected inflation increases the chances of a slowdown in rate hikes from the Federal Reserve which should have turned market sentiment to positive, however, liquidity crises in the financial institutions mentioned above have heavily impacted the mood.
US inflation came merrier at 6% in February 2023 compared to the street’s estimates of 6.4%. The latest reading would be the lowest since September 2021. Better-than-expected inflation increases the chances of a slowdown in rate hikes from the Federal Reserve which should have turned market sentiment to positive, however, liquidity crises in the financial institutions mentioned above have heavily impacted the mood.
How crypto markets especially Bitcoin perform ahead will be keenly watched.
How crypto markets especially Bitcoin perform ahead will be keenly watched.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
