The main cryptocurrencies They fall this Wednesday, March 15, in the midst of the global financial crisis that is dragging the markets. In this framework, Bitcoin falls 6% after exceeding $26,000. For its part, Ethereum falls 8% but maintains US$1,600.
The inflation reading for February catapulted the price of pints, which rose significantly above the levels seen before the crisis unleashed by Silicon Valley Bank. The general CPI moderated to 6% in the interannual rate, compared to the 6.4% registered in January. This decline was in line with market expectations.
Still, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, points out that The report also leaves some unknowns: “The monthly rise in core inflation to 0.5%, its highest level in five months, and the persistence of service inflation above 7%, they revived the fear of the hawks of the Federal Reserve (Fed) that inflation will stop trending downward in the coming months if the Fed stops tightening monetary policy,” he explained.
The top ten cryptocurrencies plunge as much as 12% led by Cardano, Polygon (-11%) and Dogecoin (11%).
BLS effect
Naem Aslamchief investment officer at Zaye Capital Markets, points out that, Despite the “quick” action of the US government, only some fears caused by the collapse of SVB have been allayed. “This does not imply that operators and investors should start walking blindfolded. There is still a lot of danger, since it all started with the interest rate hike by the Federal Reserve. We fear that it will come under pressure from rising inflation data, which we saw yesterday, and further tightening of monetary policy,” she adds.
“A simple approach would be reintroduce loose monetary policy and kick forward and deal with this problem later,” explains Aslam. Likewise, this analyst points out that we will have to keep an eye on the retail sales figure and the Empire State manufacturing index, which could give the Fed reasons to raise rates by 50 basis points if they are too positive.
SignatureBank
On the other hand, it will be necessary to be aware of how the investigation that is being carried out develops. Justice and the US SEC on the bankrupt Signature Bank. According to ‘Blooomberg’, investigators from the Department of Justice in New York and Manhattan are examining whether the bank has taken sufficient measures to detect money laundering by users and other violations of federal laws.
coinbase revealed this week that it was exposed to Signature Bank for more than $200 million.
Source: Ambito
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