Bitcoin maintains over $24,500 ── Credit Suisse eases management concerns | coindesk JAPAN | Coindesk Japan

Bitcoin (BTC) traded above $24,500 on the 16th. The Swiss National Bank (central bank) agreed to provide 50 billion Swiss francs (about 54 billion dollars, about 7.3 trillion yen) to Credit Suisse, which was facing financial instability, to avoid the crisis. Confidence prevailed in the market, as hopes rose that the Reserve Board (Fed) would turn dovish on the next rate hike.

Bitcoin is up 1.4% in the 24 hours at the time of writing, near $24,790, according to CoinDesk data. Since the afternoon of the 14th, it has fluctuated wildly between $24,000 and $25,000. Bitcoin is up 19% in a week, amid renewed market optimism that the US banking sector and the Fed may pause its interest rate hikes.

CME FedWatch, a rate hike forecasting tool, projected a 45% chance of a 0% rate hike on Friday. There is now an 80.5% chance of a 0.25% hike. Both are in stark contrast to last week’s 68% chance of a 0.5% rate hike.

“Bitcoin’s resistance has shown that bitcoin is clearly no longer an inflation hedge, but it is certainly a hedge against financial irresponsibility,” said a Singapore-based crypto option trading firm. of QCP Capital said.

Ethereum (ETH) is up 2% in 24 hours near $1,690. Binance Coin (BNB), the 4th largest crypto asset by market capitalization, rose 7% from around $300 the previous day to around $328. Index protocol The Graph (GRT) is up 13%.

The CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market, rose 2%.

The stock market also rose. The S&P 500 rose 1.2%, the Nasdaq 1.8% and the Dow Jones Industrial Average 0.7%. Meanwhile, the European Central Bank (ECB) continued to tighten monetary policy amid rising inflation in Europe, raising interest rates by 0.5% on the 16th.

QCP Capital sees the ECB’s move as a harbinger of a 0.25% rate hike by the Fed.

“An overly dovish stance will give markets fear that the Fed is hiding something, and a moratorium will confuse the message about inflation. While continuing to fight inflation, we will have a separate focus on preventing the spread of the influence of troubled financial institutions,” QCP Capital said.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: CoinDesk/Highcharts.com
｜Original: Bitcoin Holds Steady Above $24.5K as European Banking Crisis Eases