Major coins traded mixed on Sunday evening following UBS Group's (NYSE:UBS)acquisition of Credit Suisse Group AG CS for nearly $3.2 billion earlier in the day, as part of the Swiss authorities' emergency plans to protect the nation's financial stability. Cryptocurrency Gains (+/-) Price (Recorded 9:30 p.m. EST) Bitcoin +2.45% $27,829 Ethereum -0.03% $1,781 Dogecoin +0.96% $0.074
What Happened: Apex cryptocurrency Bitcoin BTC/USD rose to its highest trading price of the day at $28,459, before settling to a lower level at $26,877.Ethereum ETH/USD was down 0.33% at below $1,800. Dogecoin DOGE/USD was trading at $0.074,up 0.96% in the last 24 hours.
At the time of writing, the global cryptocurrency market capitalization stood at $1.17 trillion, an increase of 1.13% over the last day.
U.S. stocks closed lower on Friday, as investors retreated from positions in First Republic and other banking stocks amid lingering worries regarding the health of thebanking sector. The S&P 500 declined 1.10%, and the Nasdaq Composite dropped 0.74%.
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News Highlights: Former Coinbase COIN CTOBalaji Srinivasan on Saturdaysaid on Twitter that an impending global banking crisis could take Bitcoin to a whopping $1 million in less than 90 days. Since the tweet, Bitcoin is up 20%.
According to Srinivasan's forecast, a US banking crisis would lead to an American dollar deflation and an eventual hyperinflation scenario, pushing Bitcoin's value to the unprecedented million mark.
The $3.2billion acquisition of Credit Suisse by UBS Group earlier today is part of an emergency plan orchestrated by Swiss authorities to maintain the country's financial stability. The Swiss National Bankcommitted to back the deal with a liquidity line of over $100 billion.
Analyst Notes: Crypto analystMichal van de Poppe believes that Bitcoin's position at $26,800 marks a key support level and is likely to foster further appreciation. He is expecting a likely push towards $28,500-29,200, followed by a pullback towards $25,000, before continuing the rally towards $40,000.
$26,800 held for #Bitcoin, so continuation of the push.
Ive mentioned this before, but Im expecting a push towards $28,500-29,200 and then pullback towards $25K, before well continue the rally to $40K. pic.twitter.com/ntW6jASZIC Michal van de Poppe (@CryptoMichNL) March 19, 2023
Pseudonymous trader DonAlt tells his 48,900 YouTube subscribers that Bitcoin looks really, really good on the monthly timeframe after taking out resistance at $24,000.
Bitcoin hasnt looked this good in a long, long time. Lets be real right? When we look at the chart, we havent had any bullishness since the all-time high on the monthly. Its been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically speaking, if this monthly closes above resistance around $24,000, thats actually the confirmation of the breakout, the first bullish signal. I think that could run for a little bit.
Analyst Justin Bennett said the current market for crypto is one to watch. With prices already reaching a peak, Bennett highlighted theimportance of bulls in defending areas such as $26,500 to determine whether this rally will be the peak or not.So a little higher to go, but this area is one to watch.
Whether that becomes the peak of this rally or not will depend on many things, including whether bulls can defend areas like $26,500. Justin Bennett (@JustinBennettFX) March 18, 2023
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