Bitcoin Returns to $25K as Credit Suisse Bailout Precedes EU Rate Hike
• Bitcoin (BTC) price returns to $25,000 as Credit Suisse bailout precedes European Central Bank rate hike move.
• Switzerland’s central bank injects $50 billion Swiss francs into embattled Credit Suisse.
• U.S. jobless claims hope to pause Federal Reserve rate hike program this month.
Bitcoin Price Returns to $25K
Bitcoin (BTC) rebounded for a fresh challenge of $25,000 on March 16 ahead of a key interest rate decision in Europe. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining almost $1,000 versus overnight lows of $24,229 on Bitstamp. The pair remained buoyant as news hit that Switzerland’s central bank was due to inject $50 billion Swiss francs ($53.8 billion) into the embattled Credit Suisse, shares of which added 40% on the day.
Credit Suisse Stock Up 40% After “Decisive Action”
“These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,” CEO Ulrich Koerner stated in a press release. While averting potential catastrophe, the move came in for criticism ahead of a day full of economic maneuvers in Europe and the United States.
Uncertainty Over European Economic Policy Remains
The European Central Bank (ECB) was due to decide on how much interest rates should rise next – just like the Federal Reserve in the U.S., which is caught between alleviating bank stress and keeping a lid on inflation – with the day’s hike previously due to be 50 basis points. Twitter macro analytics account Tedtalksmacro noted that Bitcoin might already fall behind equities markets based on the previous day’s performance..
U.S Jobless Claims Hope To Pause Fed Rate Hike Program This Month
In the U.S., analysts hoped for an overshoot of expectations from jobless claims data, which would increase the probability of the FED pausing its own rate hikes this month..
Overall we can see significant macroeconomic news taking place in both Europe and U.S., with Bitcoin remaining buoyant amid it all – though some suggest BTC may have fallen behind equities markets yesterday despite today’s gains back above $25k again!