Bitcoin, Ether rise; relief for investors as major banks get liquidity lifeline

Bitcoin, Ether rise; relief for investors as major banks get liquidity lifeline

Time Stamp: March 17, 2023 5:45 AM
Bitcoin, Ether rise; relief for investors as major banks get liquidity lifeline PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Bitcoin and Ether rallied by the end of Asian trading hours on Friday afternoon, together with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Traditional equities also strengthened after First Republic Bank secured a US$30 billion lifeline, a day after Credit Suisse received a loan from the Swiss central bank.

See related article: Who should be held responsible for the Silvergate Bank and SVB crises?

Fast facts

  • Bitcoin rose by 5.78% to US$26,100 in the 24 hours to 4:30 p.m. in Hong Kong. Ether rose 3.81% to US$1,720, according to CoinMarketCap data. Dogecoin was the day’s biggest gainer, rising 6.24% to US$0.07486, followed by Bitcoin.
  • The global cryptocurrency market capitalization increased by 4.06% to US$1.12 trillion in the 24 hours to 4:30 p.m. in Hong Kong. The total crypto market trading volume decreased by 15.72% to US$68.83 billion.
  • Asian equities strengthened, reflecting Wall Street’s overnight relief rally, as concerns over an impending banking collapse eased after First Republic Bank secured a US$30 billion lifeline from major U.S. banks. This also followed Credit Suisse’s CHF 50 billion (US$53.9 billion) loan from the Swiss National Bank.
  • The Shanghai Composite gained 0.73%, the Shenzhen Component Index rose 0.36%, Japan’s Nikkei 225 increased 1.2% and Hong Kong’s Hang Seng Index ended the day 1.64% higher.
  • Risk sentiment also picked up among European investors, as the banking crisis fueled market speculation about central banks easing their stance on inflation. Europe’s STOXX 600 rose 1.07% and Germany’s DAX 40 gained 0.74%.
  • The euro floated above the US$1.06 mark after the European Central Bank raised interest rates by an expected 50 basis points on Thursday. The bank’s core inflation forecast was adjusted upwards to an average of 4.6% in 2023.
  • Gold inched up 0.5% to US$1,928 an ounce, heading for its third consecutive weekly rally, as investors sought safe-haven assets to hedge against the legacy financial system.

See related article: Banks are bringing systemic risks to crypto, says Circle’s Disparte

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