More Banks in Trouble, Fed’s Latest Interest Rate Hike, and Bitcoin’s New 9-Month High: This Week’s Crypto Recap
UBS agreed to purchase the struggling former giant Credit Suisse, while Deutsche Bank’s stock plummeted this week.
The cryptocurrency space rejoiced recently when several large US banks halted services, and the FDIC, as well as other regulators, had to intervene to stop the contagion. However, the crisis expanded to Europe this week, with two of the most prominent names facing significant problems.
Credit Suisse was acquired by the largest Swiss bank – UBS, for almost $3.3 billion, which was more than 60% less than what the former was worth days ago. This propelled another leg up in terms of price action for bitcoin, which took it to a new nine-month high of almost $29,000. Deutsche Bank is the other name making the headlines recently, as its stock price tumbled 10% daily on Friday and is down by over 25% in a month.
