Bitcoin returns to $25K as Credit Suisse bailout precedes EU | Global CRYPTO News
Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move.
A day of important macroeconomic news in the U.S. and Europe sees BTC price action circling the all-important $25,000 zone.
Bitcoin $24,891
Rebounded for a fresh challenge of $25,000 on March 16 ahead of a key interest rate decision in Europe.
Credit Suisse stock up 40% after “decisive action”
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.
“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.
“When Swiss banks need bailouts to survive it’s probably a decent time to think about buying,” trader, analyst and podcast host Scott Melker, known as “The Wolf of all Streets,” commented.
Uncertainty over European economic policy remained, with the European Central Bank (ECB) due to decide on how much interest rates should rise next.
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.
