Major coins were trading in the red on Wednesday evening as investors reacted to the prospect arising out of the European banking crisis. concern around credit suisse group C,
|cryptocurrency||Profit (+/-)||Price (recorded at 9:30 PM EST)|
What happened: Apex Cryptocurrency Bitcoin BTC/USD experienced sharp volatility, falling to $23,946 before quickly recovering to trade at $24,346. It was still off its high of the previous day when it climbed above $26,000 in response to modestly upbeat data on consumer price index inflation for February.
Ethereum ETH/USD It was down about 3.97% below $1,700. dog coin doge/usd It was trading at $0.069 with a loss of 7.78% in the last 24-hours.
At the time of writing, the global cryptocurrency market capitalization was $1.06 trillion, down 3.74% from the previous day.
US stocks traded mixed on Wednesday. The S&P 500 dropped 0.7%, while the Nasdaq Composite gained a modest 0.05%.
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news highlights, coinbase global coin said on Wednesday that it is preparing to end support for six altcoins built on Ethereum, rally railway/usd, DFI money WIFI/USD, mirror mir/usd, OMG Network OMG/USD, Loom Network loom/usdAnd omen REP/USD,
euler finance sent a message to the hackers, which caused the platform to lose about $200 million in assets: “If 90% of funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information on your arrest and return.” Will do all the funds.
Analyst Note: “Bitcoin weakens as chaos on Wall Street, another banking crisis triggers another wave of panic-selling of the riskier asset. Credit Suisse is a bigger story than SVB, and it has Wall Street extremely upset. Bitcoin’s drop isn’t so bad when you consider how much pressure it’s putting on stocks, oil prices, and the euro. The banking turmoil may eventually prove bullish for bitcoin, but for now crypto weakness is justified,” said edward moyaSenior Market Analyst at OANDA.
Michael van de Poppe, Founder and CEO of eight trading, Urges people to buy bitcoin and take a long-term view. “Banks are down 10% on the day as dominoes start to fall apart. Saving a few banks doesn’t mean the system is safe,” he said.
Charles Edwards, Founder and CEO of investment firm caprial believes that bitcoin is finally seeing a “textbook perfect bump and run reversal” bottom, and believes that the target for bitcoin is over $100,000.
data analytics platform Emotion Volatility was “massive” due to reports of banks collapsing, interest rate changes, and growing fear over USDC.
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