{"id":523274,"date":"2023-03-15T20:00:54","date_gmt":"2023-03-15T20:00:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=523274"},"modified":"2024-06-11T08:03:26","modified_gmt":"2024-06-11T08:03:26","slug":"credit-suisse-shares-drop-nearly-25-is-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/credit-suisse-shares-drop-nearly-25-is-bitcoin\/","title":{"rendered":"Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally?"},"content":{"rendered":"

As the global bank crisis spreads, Credit Suisse Group AG, a Switzerland-based global investment bank and financial services firm, seems to have been caught in the contagion, which could lead to more gains for Bitcoin and the crypto market. The bank’s shares CS dropped by nearly 25% over the week.\u00a0<\/span><\/p>\n

This plummet comes after the bank\u2019s largest shareholder Saudi National Bank (SNB), reportedly disclosed that it could not provide further support for Credit Suisse. According to <\/span>Reuters<\/span><\/a>, citing an SNB statement, the bank stated it would \u201cno longer buy more shares in the Swiss bank on regulatory grounds.\u201d<\/span><\/p>\n

Related Reading: Silicon Valley Bank Falls \u2013 Will US Interest Rates Drop To 3.75%?<\/a><\/div>\n

Another Share Drop, Another Bank Run?<\/span><\/h2>\n

Saudi National Bank\u2019s latest withdrawal of support to the struggling Credit Suisse has raised several speculations on whether this could eventually lead to the downfall of the struggling bank. SNB currently holds a large stake in Credit Suisse of up to 9.88%. SNB chairman Ammar Al Khudairy told Reuters the bank could not go further than 10% due to regulatory concerns.<\/span><\/p>\n

Related Reading: U.S. Doesn\u2019t Want To Get Entangled With The Silicon Valley Bank Collapse: Binance Boss<\/a><\/div>\n

After the announcement, Credit Suisse shares plummeted 24% on Wednesday, March 15. Credit Suisse shares have since been on a downtrend following the collapse of <\/span>Silicon Valley Bank<\/span><\/a>; its\u00a0recent plummet due to SNB support withdrawal has made it hit a new record low with a value of $2.10 at the time of writing.<\/span><\/p>\n

\"Credit
Credit Suisse is moving sideways on the 1-day chart. Source: CS on TradingView.com<\/a><\/figcaption><\/figure>\n

As of last year, after its 10% stock acquisition, SNB committed a $1.5 billion investment in Credit Suisse. The struggling bank\u2019s latest major dump came just months after publishing its 2022 annual report, resulting in a massive withdrawal of funds from the financial institution.<\/span><\/p>\n

While the company has continued to seek financial assistance after seeing a decline in customer activity, experts have suggested the bank could eventually fall, given the recent collapse of three <\/span>major banks<\/span><\/a> in the United States in the past week.<\/span><\/p>\n

Is Bitcoin Gearing For Another Rally?<\/span><\/h2>\n

With the <\/span>previous Bitcoin (BTC) rally<\/span><\/a> attributed to the collapse of prominent banks, speculations have been raised around the crypto community on whether another significant bank fall, such as Credit Suisse, could again lead to the cryptocurrency extending its bullish trend.\u00a0<\/span><\/p>\n

Related Reading: Dormant Bitcoin Now 16% Higher Than BTC In Exchange Reserves<\/a><\/div>\n

Over the past week, since the fall of three major US banks Silvergate, Signature bank, and Silicon Valley, many investors in the financial sector have sought an alternative way as a store of value. So far, crypto assets such as Bitcoin have shown to be the best option. The latter has been reflected in their prices.\u00a0<\/span><\/p>\n

This has made Bitcoin and the rest of the market go into a bullish period over a short period. Furthermore, the BTC price chart indicates another potential upcoming surge after the previous rally<\/a><\/span>.<\/span><\/p>\n

\"Bitcoin
Bitcoin price is moving towards external (marked) liquidity at the $31,000 region on TradingView.com<\/a><\/figcaption><\/figure>\n

Recent events hint at bad news for the global economy, but the crypto market and Bitcoin, in particular, have benefited. The continuous downfall of banks could gear BTC and the rest of the crypto market for another spike as the store of value narrative re-gains momentum as an appealing alternative to the fiat system.\u00a0<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the global bank crisis spreads, Credit Suisse Group AG, a Switzerland-based global investment bank and financial services firm, seems to have been caught in the contagion, which could lead to more gains for Bitcoin and the crypto market. The bank’s shares CS dropped by nearly 25% over the week.\u00a0 This plummet comes after the bank\u2019s largest shareholder Saudi National Bank (SNB), reportedly disclosed that it could not provide further support for Credit Suisse. According to Reuters, citing an SNB statement, the bank stated it would \u201cno longer buy more shares in the Swiss bank on regulatory grounds.\u201d Related Reading: Silicon Valley Bank Falls \u2013 Will US Interest Rates Drop To 3.75%? Another Share Drop, Another Bank Run? Saudi National Bank\u2019s latest withdrawal of support to the struggling Credit Suisse has raised several speculations on whether this could eventually lead to the downfall of the struggling bank. SNB currently holds a large stake in Credit Suisse of up to 9.88%. SNB chairman Ammar Al Khudairy told Reuters the bank could not go further than 10% due to regulatory concerns. Related Reading: U.S. Doesn\u2019t Want To Get Entangled With The Silicon Valley Bank Collapse: Binance Boss After the announcement, Credit Suisse shares plummeted 24% on Wednesday, March 15. Credit Suisse shares have since been on a downtrend following the collapse of Silicon Valley Bank; its\u00a0recent plummet due to SNB support withdrawal has made it hit a new record low with a value of $2.10 at the time of writing. As of last year, after its 10% stock acquisition, SNB committed a $1.5 billion investment in Credit Suisse. The struggling bank\u2019s latest major dump came just months after publishing its 2022 annual report, resulting in a massive withdrawal of funds from the financial institution. While the company has continued to seek financial assistance after seeing a decline in customer activity, experts have suggested the bank could eventually fall, given the recent collapse of three major banks in the United States in the past week. Is Bitcoin Gearing For Another Rally? With the previous Bitcoin (BTC) rally attributed to the collapse of prominent banks, speculations have been raised around the crypto community on whether another significant bank fall, such as Credit Suisse, could again lead to the cryptocurrency extending its bullish trend.\u00a0 Related Reading: Dormant Bitcoin Now 16% Higher Than BTC In Exchange Reserves Over the past week, since the fall of three major US banks Silvergate, Signature bank, and Silicon Valley, many investors in the financial sector have sought an alternative way as a store of value. So far, crypto assets such as Bitcoin have shown to be the best option. The latter has been reflected in their prices.\u00a0 This has made Bitcoin and the rest of the market go into a bullish period over a short period. Furthermore, the BTC price chart indicates another potential upcoming surge after the previous rally. Recent events hint at bad news for the global economy, but the crypto market and Bitcoin, in particular, have benefited. The continuous downfall of banks could gear BTC and the rest of the crypto market for another spike as the store of value narrative re-gains momentum as an appealing alternative to the fiat system.\u00a0 Featured image from Unsplash, Chart from TradingView.<\/p>\n","protected":false},"author":580,"featured_media":523277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[323,87994,428,1119,1522,13336,31169],"class_list":["post-523274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-banks","tag-banks-crisis","tag-bitcoin","tag-btc","tag-credit-suisse","tag-silicon-valley","tag-silvergate"],"acf":[],"yoast_head":"\nCredit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally?<\/title>\n<meta name=\"description\" content=\"As the global bank crisis 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally?","url":"http:\/\/uniquehot.com\/news\/credit-suisse-shares-drop-nearly-25-is-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/credit-suisse-shares-drop-nearly-25-is-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Credit-Suisse.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Credit-Suisse.jpeg?fit=509%2C339"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["banks","banks crisis","bitcoin","btc","credit suisse","silicon valley","silvergate"],"dateCreated":"2023-03-15T20:00:54Z","datePublished":"2023-03-15T20:00:54Z","dateModified":"2024-06-11T08:03:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/credit-suisse-shares-drop-nearly-25-is-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/credit-suisse-shares-drop-nearly-25-is-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Credit-Suisse.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Credit-Suisse.jpeg?fit=509%2C339\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"banks\",\"banks crisis\",\"bitcoin\",\"btc\",\"credit suisse\",\"silicon valley\",\"silvergate\"],\"dateCreated\":\"2023-03-15T20:00:54Z\",\"datePublished\":\"2023-03-15T20:00:54Z\",\"dateModified\":\"2024-06-11T08:03:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Credit-Suisse.jpeg?fit=509%2C339","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/523274"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=523274"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/523274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/523277"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=523274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=523274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=523274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}