Bitcoin reaches $26.5k – Credit Suisse possible next crash
Although three of the most crypto-friendly banks in the United States went bankrupt in recent weeks, we can only note that crypto investors seem unconcerned. Bitcoin, Ethereum and others are just moving higher and the largest digital coin has just hit it’s highest price for the year in the midst of a banking crisis.
The broader market is anxiously looking at Swiss banking giant Credit Suisse and wonders if this is the next domino that will fall.
50% profit, which is about what you would have achieved if you converted part of your shares to Bitcoin at the beginning of this year. So far, 2023 seems to be an increasingly better year for the largest digital currency and if the Federal Reserve were to decide to also pause the planned rate hikes soon, $30,000 would indeed be in the crosshairs again.
Future interest rate hikes by the ECB are also being monitored. Tomorrow is already the next ECB meeting.
See you Thursday in Frankfurt pic.twitter.com/bjKkXjJshV— Maria Tadeo (@mariatad) March 14, 2023
While virtually every financial commentator in Europe has appeared on television to assure savers that their money is safe in the banks, there is one that seems a bit shaky.
⚠️BREAKING:— Investing.com (@Investingcom) March 14, 2023
*CREDIT SUISSE STOCK FALLS 6% TO NEW ALL-TIME LOW AS BANK CONTAGION FEARS PERSIST $CS 🇨🇭🇨🇭 pic.twitter.com/4zAQ0GEsM0
The Swiss banking giant Credit Suisse was already in trouble in 2021 due to the collapse of investment fund Archegos and added to that in February 2023 when it had to report its biggest annual loss since the financial crisis of 2008. A series of scandals with CEOs and managers didn’t help them either. Now it seems that investors are also turning away from them, their share is around 2 Swiss francs. In the last five years it has lost about 85% of its value.
OUCH! Cost of insuring against Credit Suisse default (CDS price) hit record amid SVB fallout. pic.twitter.com/0bYbWKIFIK— Holger Zschaepitz (@Schuldensuehner) March 13, 2023
The arrival to insure yourself against a Credit Suisse bankruptcy has meanwhile risen to an all-time high. Could the Swiss be the next domino?
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