Bitcoin price action eyes fresh $25k challenge

16 Mar 2023

Bitcoin rallied on Thursday, set for a new challenge of reaching the $25,000 mark.

BTC/USD gained around $1,000 compared to overnight lows of $24,229 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

The price of the world’s largest cryptocurrency remained upbeat following news the Swiss National Bank was planning to inject $54 billion into Credit Suisse, leading to its shares to add 40% on the day, Cointelegraph reports.

“These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,” according to CEO Ulrich Koerner.

In addition, the European Central Bank (ECB) is set to announce an interest rate decision later today. The bank had indicated the possibility of a 50-basis point increase at last month’s meeting, and like the Federal Reserve, the ECB is trying to find the balance between easing bank stress and curbing inflation. 

Elsewhere, in the US, following the recent collapse of Silvergate Bank, Signature Bank, and Silicon Valley Bank, Galaxy Digital founder and CEO Michael Novogratz forecasts a rate policy reversal is looming, stating that although the Fed would “like to do a dovish hike, just for credibility’s sake,” doing so would be a “huge policy error.”

Novogratz also showed a bullish crypto sentiment on Thursday: “If there was ever a time to be in Bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that.”

Following the Silicon Valley Bank collapse last week, the Bitcoin price dipped but subsequently hit fresh 2023 highs of $26,514 on Tuesday, according to data from CoinMarketCap.

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