Bitcoin Surges as Credit Suisse Bailout, EU Rate Hike Loom
Bitcoin Returns to $25K as Macroeconomic News Unfolds
- Bitcoin (BTC) rebounds for a fresh challenge of $25,000.
- Switzerland’s central bank injects billions into Credit Suisse.
- European Central Bank and Federal Reserve make key decisions.
BTC Price Action Circling All-Important $25K Zone
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.
Uncertainty Over European Economic Policy Remains
Just like the Federal Reserve in the U.S., the ECB is caught between alleviating bank stress and keeping a lid on inflation. The day’s hike was 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. In the U.S., the topic of interest was jobless claims, with analysts hoping for an overshoot of expectations to bolster the chances of the Fed pivoting on its own rate hike program.
“Decisive Action” To Strengthen Credit Suisse
“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. Trader, analyst and podcast host Scott Melker commented: “When Swiss banks need bailouts to survive it’s probably a decent time to think about buying.”
“Hot Jobless Report” Could Impact Fed Rate Hike Program
In terms of jobless claims in America, analysts hope for an overshoot of expectations – this would increase probability that Federal Reserve pauses rate hikes this month according to Tedtalksmacro from Twitter analytics account .
< h2 >Concluding Thoughts h2 > With all these economic decisions being made today it remains unclear what effects they will have on Bitcoin price action circling around all important mark at 25k zone . Will BTC remain steady or experience further volatility? Only time will tell .