More Banks in Trouble, Fed’s Latest Interest Rate Hike, and Bitcoin’s New 9‑Month High: This Week’s Crypto Recap

Please fol­low and like us:
Pin Share

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.

More volatil­i­ty fol­lowed in the next few days as the Fed­er­al Reserve was expect­ed to make a move in regard to its inter­est rate pol­i­cy. With so many strug­gling banks due to the record-high rates, many experts believed the cen­tral bank will stop rais­ing them or even start low­er­ing them. How­ev­er, that was not the case, and the Fed hiked the key inter­est rates by anoth­er 25 basis points.

This trig­gered an imme­di­ate price drop for BTC and oth­er risk-on assets. The largest cryp­tocur­ren­cy fell by $2,000 in hours, but the bull­ish sen­ti­ment as of late came back almost imme­di­ate­ly. Even Binance’s tem­po­rary issues on Fri­day couldn’t affect bit­coin for long, as the asset briefly spiked above $29,000 ear­li­er today, mark­ing yet anoth­er mul­ti-month peak.

Despite retrac­ing just as rapid­ly, it’s evi­dent that bit­coin has been on an impres­sive run in the past 10 days or so. The Fear and Greed Index sug­gests the same, as the met­ric went to its high­est lev­els in well over a year.

Market Data

Mar­ket Cap: $1,220T | 24H Vol: $67B | BTC Dom­i­nance: 44.8%

BTC: $28,284 (+12.2%) | ETH: $1,790 (+6.2%) | BNB: $325 (-2%)

bitcoinbull_cover (1)

This Week’s Crypto Headlines You Better Not Miss

Bit­coin Soared Above $28K After UBS Agreed to Buy Cred­it Suisse. As men­tioned above, per­haps the biggest news from the glob­al finan­cial indus­try in the past decade or so came from Switzer­land, as the nation’s largest bank agreed to buy Cred­it Suisse, but share­hold­ers might not receive the full amount of shares they owned ahead of the deal.

Arbi­trum (ARB) Begins Trad­ing: Here’s What the Air­drop is Worth. The long-antic­i­pat­ed air­drop of Arbitrum’s new token final­ly hap­pened on Thurs­day. As expect­ed, it arrived with a lot of price fluc­tu­a­tions. ARB sky­rock­et­ed to almost $9 at one point before retrac­ing to $1.45 now.

SEC Issues Wells Notice Against Coin­base for List­ing Unreg­is­tered Secu­ri­ties. The US Secu­ri­ties and Exchange Com­mis­sion doesn’t seem to stop tight­en­ing its grip on the cryp­tocur­ren­cy indus­try. This time, the US reg­u­la­tor went after Coin­base, send­ing a wells notice that alleged it of list­ing unreg­is­tered securities.

Fed Hikes Inter­est Rates By 25 Points, Prompt­ing Bit­coin Volatil­i­ty. The sec­ond year­ly FOMC meet­ing took place on Wednes­day, and all eyes were on the Fed­er­al Reserve fol­low­ing the bank­ing cri­sis in the States. While the expec­ta­tions var­ied on whether the cen­tral bank will actu­al­ly con­tin­ue increas­ing the key rates, its deci­sion to hike them by anoth­er 25 basis points result­ed in mas­sive BTC volatility.

Terra’s Do Kwon Report­ed­ly Arrest­ed in Mon­tene­gro. After months of being on the run, reports emerged on Thurs­day that Terra’s infa­mous Co-Founder was final­ly appre­hend­ed in Mon­tene­gro. Short­ly after, US pros­e­cu­tors accused him of oper­at­ing a cryp­tocur­ren­cy fraud.

Telegram Inte­grates Teth­er (USDT) Pay­ments on Tron Net­work. On the cryp­to-adop­tion front, the giant mes­sag­ing ser­vice Telegram start­ed allow­ing users to send Teth­er (USDT) to each oth­er on its plat­form. Inter­est­ing­ly, the pay­ment capa­bil­i­ties with the sta­ble­coin are sup­port­ed only on Tron for now.

SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to receive up to $7,000 on your deposits.

Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *