Bitcoin, Ethereum, Dogecoin Slide On Credit Suisse Worries

Major coins traded in the red on Wednesday evening as investors reacted to the possibility of a European banking crisis arising from worries surrounding Credit Suisse Group (NYSE: CS). 

What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) experienced sharp volatility, dropping to $23,946 before quickly regaining ground to trade at $24,346. That was still a ways off its highs of the previous day when it surged past $26,000 in response to mildly upbeat consumer price index inflation data for February.

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Ethereum (CRYPTO: ETH) was down about 3.97% at below $1,700. Dogecoin (CRYPTO: DOGE) was trading at $0.069, down 7.78% in the last 24 hours.

At the time of writing, the global cryptocurrency market capitalization stood at $1.06 trillion, a decrease of 3.74% over the last day.

U.S. stocks traded mixed on Wednesday. The S&P 500 dropped 0.7%, while the Nasdaq Composite eked out a small gain, rising 0.05%.

See More: Best Crypto Day Trading Strategies

News Highlights: Coinbase Global (NASDAQ: COIN) on Wednesday said it was preparing to end support for six altcoins built on Ethereum: Rally (CRYPTO: RLY), DFI Money (CRYPTO: YFII), Mirror (CRYPTO: MIR), OMG Network (CRYPTO: OMG), Loom Network (CRYPTO: LOOM), and Augur (CRYPTO: REP). 

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Euler Finance sent a message to the hackers who caused the platform to lose nearly $200 million in assets: “If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all funds.”

Analyst Notes: “Bitcoin weakened as chaos across Wall Street saw another banking crisis trigger another wave of panic-selling of risky assets. Credit Suisse is a bigger story than SVB, and this has Wall Street extremely nervous. ​ Bitcoin’s decline isn’t that bad when you consider how much pressure is hitting stocks, oil prices, and the euro. Banking turmoil could ultimately prove to be rather bullish for Bitcoin, but for now crypto weakness is justified,” said Edward Moya, senior market analyst at OANDA.

Michael van de Poppe, founder and CEO of Eight Trading, urged people to buy Bitcoin and have a long-term horizon. He said, “Banks are down 10% on the day, as the dominos start to fall apart. Saving a few banks doesn’t say the system is safe,” he said.

BNP Paribas, Credit Suisse.

Banks are down 10% on the day, as the dominos start to fall apart.

Saving a few banks doesn’t say the system is safe.

Buy #Bitcoin and have a long-term horizon. #Crypto is the future.

— Michaël van de Poppe (@CryptoMichNL) March 15, 2023

Charles Edwards, founder and CEO of investment firm Capriole is confident that Bitcoin is finally seeing a “Textbook perfect Bump & Run Reversal” bottom, and he believes the target for Bitcoin is over $100,000.

Textbook perfect Bitcoin “Bump & Run Reversal” bottom is back and the target is over $100,000. pic.twitter.com/w1dvI2r57Q

— Charles Edwards (@caprioleio) March 15, 2023

Data analytics platform Santiment said volatility was “up in a big way” due to bank collapses, the shifting news on interest rates, and mounting fears over USDC. 

📉 #Crypto has corrected the past 24 hours, with $BTC threatening to fall back below $24k less than a day after crossing $26.5k. Volatility’s up in a big way following the bank collapses, interest rate news shifting, & $USDC fears. Get more real-time data. https://t.co/Kjm3olCtIC pic.twitter.com/nBRxgQLlpR

— Santiment (@santimentfeed) March 15, 2023

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