Bitcoin floats near $25k, but battling Credit Suisse could spoil the party in the coming weeks

At the time of writing, the crypto market cap was trading at $1.08 trillion — down 2.02% in the last day. In terms of volume, the market plunged 17.67% in the last 24 hours to perform at $81.48 billion.

At the time of writing, the crypto market cap was trading at $1.08 trillion — down 2.02% in the last day. In terms of volume, the market plunged 17.67% in the last 24 hours to perform at $81.48 billion.

Leading the board, Bitcoin was trading lower by $1.29 billion. It was close to $24,530 with a market cap of $473.89 billion. Bitcoin trading volume is also down 19.4% to nearly $42.46 billion.

Leading the board, Bitcoin was trading lower by $1.29 billion. It was close to $24,530 with a market cap of $473.89 billion. Bitcoin trading volume is also down 19.4% to nearly $42.46 billion.

In the early trading session, Bitcoin witnessed a volatile movement. The crypto hit a daily high of $25,240.62, but also retreated to an intraday low of $23,964.91.

In the early trading session, Bitcoin witnessed a volatile movement. The crypto hit a daily high of $25,240.62, but also retreated 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 most popular crypto on Thursday, traded lower by 3.4% to near $1,346. Cryptocurrencies such as XRP, Cardano, Polygon and Dogecoin fell between 3-8%.

Furthermore, Ethereum, which is the most popular crypto on Thursday, traded lower by 3.4% to near $1,346. Cryptocurrencies such as XRP, Cardano, Polygon and Dogecoin fell between 3-8%.

Credit Suisse surged more than 32% and passed the $2 mark on Thursday after the lender announced it will borrow up to CHF 50 billion from the Swiss National Bank (SNB) under a covered lending facility as well as a short-term liquidity facility.

Credit Suisse surged more than 32% and passed the $2 mark on Thursday after the lender announced it will borrow up to CHF 50 billion from the Swiss National Bank (SNB) under a covered lending facility as well as a short-term liquidity facility.

This loan is fully secured by high quality assets, CG said. The Swiss lender also announced offers from Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approx. CHF 3 billion.

This loan is fully secured by high quality assets, CG said. The Swiss lender also announced offers from Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approx. CHF 3 billion.

The additional liquidity is likely to support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around the needs of its customers.

The additional liquidity is likely to support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around the needs of its customers.

Credit Suisse shares hit record lows on Wednesday. There is a contagion of fear among investors about the banking and finance sector, especially after lenders such as Silicon Valley Bank and Signature Bank collapsed in the US last week. Soon after, concerns followed at Credit Suisse when it said in its 2022 annual report that it had identified “significant weaknesses” in internal controls over financial reporting.

Credit Suisse shares hit record lows on Wednesday. There is a contagion of fear among investors about the banking and finance sector, especially after lenders such as Silicon Valley Bank and Signature Bank collapsed in the US last week. Soon after, concerns followed at Credit Suisse when it said in its 2022 annual report that it had identified “significant weaknesses” in internal controls over financial reporting.

Investors also dumped Credit Suisse’s share price after its biggest backer ruled out bailing out the troubled Swiss bank as a bigger stake could lead to further regulatory hurdles.

Investors also dumped Credit Suisse’s share price after its biggest backer ruled out bailing out the troubled Swiss bank as a bigger stake could lead to further regulatory hurdles.

The day before, the discomfort surrounding Credit Suisse has even led to around $60 billion off the route in European banks.

The day before, the discomfort surrounding Credit Suisse has even led to around $60 billion off the route in European banks.

On the crypto market, Shivam Thakral, CEO of BuyUcoin, India’s second-longest running digital asset exchange, said, “Bitcoin hovers 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 could spook 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 hovers 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 could spook global markets and spoil the crypto party in the coming weeks.”

Earlier, on March 15, Thakral said that the British government bailing out Silicon Valley Bank has created a positive sentiment in the investment environment which may have boosted buying activity. According to the latest data, consumer inflation in the US has eased but remains on the higher side, which could prompt the Fed to continue its hawkish stance. If the macroeconomic factors continue to be favorable, we may see Bitcoin test the $30,000 level very soon.

Earlier, on March 15, Thakral said that the British government bailing out Silicon Valley Bank has created a positive sentiment in the investment environment which may have boosted buying activity. According to the latest data, consumer inflation in the US has eased but remains on the higher side, which could prompt the Fed to continue its hawkish stance. If the macroeconomic factors continue to be favorable, we may see Bitcoin test the $30,000 level very soon.

Regarding the fallout of the US banks and its impact on cryptocurrencies, Ramit Arora, president and co-founder, Biz2Credit, said, “The crypto market will be severely affected as two banks serving the crypto industry have been shut down. This would cause the value of bitcoin to fall even more , and we will see more people moving money out of crypto into assets like gold and other valuable commodities.”

Regarding the fallout of the US banks and its impact on cryptocurrencies, Ramit Arora, president and co-founder, Biz2Credit, said, “The crypto market will be severely affected as two banks serving the crypto industry have been shut down. This would cause the value of bitcoin to fall even more , and we will see more people moving money out of crypto into assets like gold and other valuable commodities.”

Inflation in the US improved by 6% in February 2023 compared to the Street estimate of 6.4%. The latest reading will be the lowest since September 2021. Better-than-expected inflation increases the chances of a slowdown in interest rate hikes from the Federal Reserve which should have turned market sentiment positive, but liquidity crises in the financial institutions mentioned above have strongly affected sentiment.

Inflation in the US improved by 6% in February 2023 compared to the Street estimate of 6.4%. The latest reading will be the lowest since September 2021. Better-than-expected inflation increases the chances of a slowdown in interest rate hikes from the Federal Reserve which should have turned market sentiment positive, but liquidity crises in the financial institutions mentioned above have strongly affected sentiment.

How crypto markets, especially Bitcoin, perform going forward will be closely watched.

How crypto markets, especially Bitcoin, perform going forward will be closely watched.