Major coins traded in the red on Wednesday night as investors reacted to the possibility of a European banking crisis amid concerns about Credit Suisse Group (NYSE: CS).
|Cryptocurrency||Gains (+/-)||Price (admission at 9:30pm EST)|
What happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) experienced heavy volatility, falling to $23,946 before quickly regaining ground to trade at $24,346. It was still some way off the highs of the previous day when it rose above $26,000 in response to mildly upbeat February CPI inflation data.
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Ethereum (CRYPTO: ETH) fell around 3.97% to below $1,700. Dogecoin (CRYPTO: DOGE) was trading at $0.069, down 7.78% in the last 24 hours.
At the time of writing, the global cryptocurrency market capitalization was $1.06 trillion, down 3.74% in the last day.
US stocks traded mixed on Wednesday. The S&P 500 fell 0.7%, while the Nasdaq Composite made a slight recovery, rising 0.05%.
See more: Best Crypto Day Trading Strategies
News Highlights: Coinbase Global (NASDAQ: COIN) on Wednesday said it is preparing to end support for six altcoins built on Ethereum: Rally (CRYPTO: RLY), DFI money (CRYPTO: YFII), Mirror (CRYPTO: MIR), OMG network (CRYPTO: OMG), Tissue network (CRYPTO: WEV), and Augur (CRYPTO: REP).
Euler Finance sent a message to the hackers who caused the platform to lose nearly $200 million in assets: “If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1 million reward for information leading to your arrest and return by all means.”
Analyst Notes: “Bitcoin weakened as chaos on Wall Street saw another banking crisis trigger another wave of panic selling of risky assets. Credit Suisse is a bigger story than SVB, and this has Wall Street extremely nervous. Bitcoin’s decline isn’t so bad when you consider how much pressure is hitting stocks, oil prices and the euro. The banking turmoil may eventually turn out to be quite bullish for Bitcoin, but for now, crypto weakness is justified,” said Edward Moyasenior market analyst at OANDA.
Michael van de Poppe, founder and CEO of Eight Trade, encouraged people to buy Bitcoin and have a long-term horizon. He said: “Banks are down 10% on the day as the dominoes start to fall apart. Saving a few banks does not mean the system is safe,” he said.
BNP Paribas, Credit Suisse.
Banks are down 10% on the day as the dominoes start to fall apart.
Saving a few banks does not mean the system is safe.
Purchase #Bitcoin and has a long-term horizon. #Crypto is the future.
— Michaël van de Poppe (@CryptoMichNL) March 15, 2023
Charles Edwards, founder and CEO of the investment company Capriole is confident that Bitcoin is finally seeing a “Textbook perfect Bump & Run Reversal” bottom and he believes the target for Bitcoin is above $100,000.
Textbook perfect Bitcoin “Bump & Run Reversal” bottom is back and target is above $100,000. pic.twitter.com/w1dvI2r57Q
— Charles Edwards (@caprioleio) March 15, 2023
Data analysis platform Sentiment said volatility was “up by a large margin” due to bank collapses, shifting news on interest rates and growing fears about the USDC.
📉 #Crypto have corrected last 24 hours, med $BTC threatening to fall back below $24k less than a day after passing $26.5k. Volatility increases to a large extent after the bank collapses, interest rate news and $USDC fear. Get more real-time data. pic.twitter.com/nBRxgQLlpR
— Santiment (@santimentfeed) March 15, 2023
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