March 21, 2023
By Anjali Kochhar
Major crypto coins traded mixed on Sunday following UBS Group’s acquisition of Credit Suisse Group AG for nearly $3.2 billion earlier in the day, as part of the Swiss authorities’ emergency plans to protect the nation’s financial stability.
Bitcoin rose to its highest trading price of the day at $28,459, before settling at a lower level of $26,877. Ethereum was down 0.33% at below $1,800. Dogecoin 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.
CTO Balaji Srinivasan on Saturday said 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 $3.2 billion 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 Bank committed to back the deal with a liquidity line of over $100 billion.
Crypto analyst Michaël 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.
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.
Analyst Justin Bennett said the current market for crypto is one to watch. With prices already reaching a peak, Bennett highlighted the importance of bulls in defending areas such as $26,500 to determine whether this rally will be the peak or not.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
