Major coins traded mixed the following Sunday evening UBS Group (NYSE: UBS) acquisition of Credit Suisse Group AG (NYSE:CS) for nearly $3.2 billion earlier in the day as part of the Swiss government’s emergency plans to protect the nation’s financial stability.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Bitcoin | +2.45% | $27,829 |
| Ethereum | -0.03% | $1781 |
| Dogecoin | +0.96% | $0.074 |
What happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) rose to a high of $28,459 before settling to a low of $26,877. Ethereum (CRYPTO: ETH ) was down 0.33% to under $1,800. Dogecoin (CRYPTO: DOGE) was trading at $0.074, up 0.96% in the last 24 hours.
ENTER TO WIN $500 IN STOCKS OR CRYPTO
Enter your email and you’ll also receive Benzinga’s ultimate morning update AND a free gift card of $30 and more!
At the time of writing, the global cryptocurrency market capitalization was $1.17 trillion, up 1.13% over the past day.
U.S. stocks closed lower on Friday, as investors pulled back from positions in First Republic and other bank stocks amid lingering concerns about the health of the banking sector. The S&P 500 fell 1.10%, and the Nasdaq Composite fell 0.74%.
See more: Best Crypto Day Trading Strategies
News Highlights: Earlier Coin base (NASDAQ:COIN) CTO Balaji Srinivasan on Saturday said on Twitter that an impending global banking crisis could take Bitcoin to a whopping $1 million in less than 90 days. Since the tweet, Bitcoin is up 20%.
According to Srinivasan’s forecast, a US banking crisis would lead to a deflation of the US dollar and an eventual hyperinflation scenario, pushing Bitcoin’s value to an unprecedented million mark.
The $3.2 billion acquisition of Credit Suisse by UBS Group earlier today is part of an emergency plan orchestrated by Swiss authorities to maintain the country’s financial stability. The Swiss National Bank committed to support the deal with a liquidity line in excess of $100 billion.
Analyst Notes: Cryptanalyst Michael van de Poppe believe that Bitcoin’s position at $26,800 marks an important support level and is likely to promote further appreciation. He expects a likely push towards $28,500-29,200, followed by a pullback towards $25,000, before continuing the rally towards $40,000.
$26,800 held for #Bitcointhen continuation of push.
I’ve mentioned this before, but I expect a push towards $28,500-29,200 and then pullback towards $25K, before we continue the rally to $40K. pic.twitter.com/ntW6jASZIC
— Michaël van de Poppe (@CryptoMichNL) March 19, 2023
Pseudonymous trader DonAll tells his 48,900 YouTube subscribers that Bitcoin is looking very, very good on the monthly time frame after taking out resistance at $24,000.
“Bitcoin hasn’t looked this good in a long, long time. Let’s be real, shall we? Looking at the chart, we haven’t had any bullishness since the all-time high of the month. It’s been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically, if this monthly closes above resistance around $24,000, that’s actually the confirmation of the breakout, the first bullish signal. I think it could last a little while.”
Analyst Justin Bennett said the current crypto market is one to watch. With prices already peaking, Bennett highlighted the importance of bulls in defending areas like $26,500 to determine whether this rally will be the top or not.
So a little higher to go, but this area is one to see.
Whether or not that will be the top of this rally will depend on many things, including whether bulls can defend areas like $26,500.
— Justin Bennett (@JustinBennettFX) March 18, 2023
Read Next: Web3 Token Surpasses Bitcoin, Ethereum in Weekly Gains with 33% Increase on Microsoft Tie-Up
