• Bitcoin price has been struggling to stay above $25k for the past two days, forming a bearish reversal pattern called a shooting star.
• The banking crisis has caused traders to suffer from thinning liquidity and over $211 million liquidation from the crypto market in the past 24 hours.
• Credit Suisse, a global investment bank, plans to borrow up to $53.68 billion from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
Bitcoin Price Closes Below $25k
The Bitcoin market has been unable to overturn the support line of $25k despite recent spikes to $26.5k earlier this week. A bearish reversal pattern known as a shooting star has formed in the past two days, indicating sellers overpowering buyers and Bitcoin price dipping further. Over $211 million have been liquidated from the crypto market in the past 24 hours as well.
Banking Crisis Impacts Market
The banking crisis has had an effect on cryptocurrency markets by causing traders to suffer from thinning liquidity and most of these affected banks provided on and off-ramping services. Despite this, inflation continues to widen due to more money being printed by the Fed in order to bail out the economy. Peter Schiff suggested that closing down SVB and Signature Bank would be one way for regulators to act as an alternative instead of having all deposits at all banks being explicitly guaranteed by Govt..
Credit Suisse Sees Stock Plunge
Credit Suisse’s stock market plummetted amid insolvency claims after Saudi National Bank discontinued its financial help towards them. The distressed bank then planned on borrowing up to $53.68 billion from Swiss National Bank under a covered loan facility and short-term liquidity facility instead as an attempt at recovery.
Conclusion
In conclusion, it is evident that despite Bitcoin prices struggling below their support level of $25K, there are still ways for traders and investors alike to benefit from this situation which includes closing down some affected banks or providing them with financial help such as loans or facilities like those done by Credit Suisse with Swiss National Bank .
Take Away
Even though cryptocurrency markets may be suffering from thinning liquidity caused by banking crises, there are always ways for traders and investors alike looking for opportunities during times like these in order for them not only survive but also thrive during such difficult times .