BTC Bullish $25K Past Credit Suisse Helped $50 Billion!
"If you look at BTC, it looks like it wants to continue the bullish movement."The mother of all cryptocurrencies Bitcoin (BTC) managed to maintain its position above $25,000 as the Swiss National Bank (SNB) agreed to lend $50 billion to Credit Suisse amid expectations that the United States (US) Federal Reserve (Fed) may turn more dovish in policy setting monetary.According to forecasters, an interest rate increase of 25 basis points has an 80.5% chance while 50 basis points has a 68% chance and a 45% chance of not raising any interest rates.While BTC is not a digital asset that can protect against inflation, it is certainly able to hedge against monetary instability, commented Singapore-based crypto trading company QCP Capital.Until now, the price of BTC jumped by 4.80% at the level of $25,585 in the last 24 hours followed by Ethereum (ETH) gained 2.27% at $1,687 and Binance Coin (BNB) also jumped 8.15% to reach $329.Meanwhile, the US equity market also saw an increase as regulators sought to protect depositors at Silicon Valley Bank (SVB) and Signature Bank, where Wall Street gained 1.2% while the Nasdaq and Dow Jones jumped 1.8% and 0.7% respectively.Additionally, the European Central Bank (ECB) reportedly continued its own monetary tightening amid rising inflation on the continent when it hiked interest rates by 50 basis points on Thursday.Next overly dovish actions by the Fed will create fear in the aftermarket that they may know something deeper.
"If you look at BTC, it looks like it wants to continue the bullish movement."
The mother of all cryptocurrencies Bitcoin (BTC) managed to maintain its position above $25,000 as the Swiss National Bank (SNB) agreed to lend $50 billion to Credit Suisse amid expectations that the United States (US) Federal Reserve (Fed) may turn more dovish in policy setting monetary.
According to forecasters, an interest rate increase of 25 basis points has an 80.5% chance while 50 basis points has a 68% chance and a 45% chance of not raising any interest rates.
While BTC is not a digital asset that can protect against inflation, it is certainly able to hedge against monetary instability, commented Singapore-based crypto trading company QCP Capital.
Until now, the price of BTC jumped by 4.80% at the level of $25,585 in the last 24 hours followed by Ethereum (ETH) gained 2.27% at $1,687 and Binance Coin (BNB) also jumped 8.15% to reach $329.
Meanwhile, the US equity market also saw an increase as regulators sought to protect depositors at Silicon Valley Bank (SVB) and Signature Bank, where Wall Street gained 1.2% while the Nasdaq and Dow Jones jumped 1.8% and 0.7% respectively.
Additionally, the European Central Bank (ECB) reportedly continued its own monetary tightening amid rising inflation on the continent when it hiked interest rates by 50 basis points on Thursday.
Next overly dovish actions by the Fed will create fear in the aftermarket that they may know something deeper.
