Bitcoin maintained its price above $25,000 after the Swiss National Bank appeared to head off a European banking crisis, and investors’ hopes rose that the U.S. central bank would turn more dovish at its next meeting. _jocelynyang_ reports
U.S. equity markets also turned green as markets continued to digest U.S. regulators’ backstop for depositors at Silicon Valley Bank and Signature Bank. The S&P 500, Wall Street's benchmark equity index, recently rose by 1.2%. The tech-heavy Nasdaq Composite and the Dow Jones Industrial Average were up 1.8% and 0.7%, respectively.
Meanwhile, the European Central Bank continued its own monetary tightening amid rising inflation on the continent,In a note, QCP Capital saw the move as a precursor of the Fed raising interest rates by 25 bps. “Anything overly dovish would strike fear in markets that the Fed knows something more, while pausing would confuse the message on inflation,” QCP Capital wrote. “Central banks will be keeping up their fight against inflation while working separately on ring-fencing troubled financial institutions.”
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