The main cryptocurrencies do not show a clear trend this Wednesday, March 15, after the global financial crisis that drags the markets. In this frame, Bitcoin rises 0.6% to $24,768.71 after exceeding $26,000 the previous days. For his part, Ethereum falls 2.1% but maintains US$1,600.
The truce that they achieveds financial markets on Tuesday after the bankruptcy of two banks in the US was short-lived. This Wednesday, the markets turned sharply downward after the Credit Suisse will announce that it will not invest any more.
Given this, the main European indices fell sharply: in the United Kingdom the FTSE fell 2.4%, in France the CAC lost 3.4%, in Germany the DAX fell 2.76%, and in Italy the FMIB fell 3.4%.
For his part, Wall Street closed lower on Wednesdaybut cut heavy losses after the financial problems of Credit Suisse that revived fears of a banking crisiswhich eclipsed bets on a lower interest rate hike in the United States in March after weak economic data.
Bitcoin (gained a substantial boost this week as US inflation levels for February were in line with market expectations. On March 14, the Bitcoin pair hit a 2023 high of $26,550 after the news broke.
But while macroeconomic conditions may currently favor risk buyers, certain on-chain and market indicators point to a possible short-term correction.
According to Trezor Bitcoin analyst Josef Tetek, the current strong rise in the price of Bitcoin – which is the fastest so far in 2023 – seems to be a direct consequence of the “apparent fragility of the banking system”.
Tetek claimed that the current banking crisis could make Bitcoin emerge as a risk-free safe haven asset. He noted that Bitcoin was created shortly after the world encountered the 2008 financial crisis and was “probably a response to the injustice of the bailouts.”
“Current events are a timely reminder of why we need Bitcoin,” Tetek said.
Source: Ambito
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