News Bit: Bitcoin Price Flat as Credit Suisse and More Bank Liquidity Becomes Major Concern of the Market
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Price data are accurate as of March 16 at 10:00 am (UTC+8).
What is the price of Bitcoin?
Bitcoin closed Wednesday at $24,471, which is just a slight 0.32% increase from the previous day. So far Bitcoin is up 20% over the last seven days, and 47% since the beginning of the year.
Here’s what happened:
The pullback, which was considered “healthy” by some analysts, came from the heels of concerns regarding multinational financial services company Credit Suisse. This dampened sentiment for crypto that was more positive two days ago when the Consumer Price Index (CPI) U.S. showed U.S. inflation remaining at 6%. Now bank liquidity is a key issue.
What caused the Bitcoin price decrease?
The previous days when Bitcoin rallied 20% in intra-day is now history as the leading crypto as well as many cryptocurrencies slid by as much as 15% over the last 24 hours.
This volatility has caused major liquidations in the futures market. As per Coindesk, $140 million in bitcoin futures got liquidated Wednesday and more than half of this was from shorting the market.
What about the Credit Suisse?
The shares of Swiss multinational finance company Credit Suisse (CS) decreased sharply after news of Saudi National Bank, its largest investor, announced it would no longer invest more than what it had sunk into the Swiss firm last year.
This news affected European banking stocks and U.S. equity markets. For many, Credit Suisse is a bigger story than the collapse of the three U.S. Banks, to the point one observer said with the news of the Credit Suisse collapse, Dogecoin is now worth more than the Swiss bank.
How is this related to crypto?
“Bitcoin’s relationship to traditional finance is more complex,” says Alex Adelman, co-founder of Lolli, a Bitcoin rewards app. Adelman noted that in the coming days there maybe increased demand for Bitcoin for holding money securely.
The latest crypto headlines
- Coinbase says it will no longer support six ETH-based altcoins.
- BTC outperforms altcoins
- Credit Suisse plummets 30%
- Uniswap officially expands exchange services to BNB Chain
- Bitcoin to $100K next? Analyst eyes ‘textbook perfect’ BTC price move
Bitcoin price level to watch out for
The weekly chart shows Bitcoin struggling to keep $25,000, but a breakout on that level would put Bitcoin all the way to $28,600 as the next price level, Aksel Kibar, market technician, said.
This article is published on BitPinas: News Bit: Bitcoin Price Flat as Credit Suisse and More Bank Liquidity Becomes Major Concern of the Market
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.