Banking Sector Collapse Could Influence Federal Reserve’s Rate Hike Decision

The cryptocurrency market experienced a growth of 8.341% last week, reaching a value of $1.078 trillion from $0.995 trillion. The market conditions during this period were highly volatile due to several closures in the banking sector, leading to structural damages in the stablecoin market. Despite the challenges, the opening on Monday with?support from Fed provided a sense of relief to the crypto markets. However, the banking sector continued to face challenges leading to multiple bank stocks plummeting, with Credit Suisse being one of the banks that attracted public scrutiny due to issues regarding its reporting on financials. The macroeconomic environment remains fragile, with concerns about inflation and potential rate hikes contributing to the ongoing volatility.?

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Bitcoin Price Analysis:

Bitcoin has pulled off a remarkably impressive one-day rally while the US financial system is collapsing. Bitcoin is back above $24,000 despite the fact that it did decline on Thursday and Friday. Just at $25,000, Bitcoin hit a regional high. This was a crucial area of resistance because it was where BTC peaked during its most recent relief rally and BTC repeatedly failed to break it. $27k would be in sight as a return to levels from last Q2 if the $25k current resistance area around 2 were to break out.?

Fundamental Updates

On the topic of recent economic data releases, the Consumer Price Index (CPI) met expectations while the Core CPI slightly exceeded expectations with a higher print of 0.5 instead of the expected 0.4. Despite some concerns about the higher Core CPI, the market saw a positive rally due to the majority of data releases hitting expected marks after several misses in the past. Additionally, the Producer Price Index (PPI) and Core PPI data were better than expected, which is a bullish signal for the markets in the medium term.

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