The cryptocurrency industry celebrated when several major US banks terminated their services, leading to intervention from regulators such as the FDIC. However, this crisis extended to Europe this week, with Credit Suisse and Deutsche Bank both experiencing significant problems. UBS acquired Credit Suisse for $3.3 billion, more than 60% less than its previous value. Bitcoin’s price rose, hitting a nine-month high of nearly $29,000. Deutsche Bank’s stock price plummeted 10% daily on Friday and down over 25% in a month.
A change in interest rate policy from the Federal Reserve caused increased volatility, with experts speculating whether the central bank would lower or stop raising rates. However, the Fed increased the key interest rates by 25 basis points, resulting in immediate price drops for cryptocurrencies such as BTC. Despite this, BTC’s bullish sentiment returned, with its price briefly hitting above $29,000.
During the past 10 days, BTC had an impressive run, as reflected in the Fear and Greed Index, which reached its highest levels in 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%)
This Week’s Crypto Headlines You Better Not Miss
Bitcoin Soared Above $28K After UBS Agreed to Buy Credit Suisse. UBS’s acquisition of Credit Suisse, in a deal worth $3.3 billion, caused BTC’s price to rise to a nine-month high of almost $29,000.
Arbitrum (ARB) Begins Trading: Here’s What the Airdrop is Worth. Arbitrum’s new token experienced significant price fluctuations during its long-awaited airdrop, skyrocketing to almost $9 before retracing to $1.45.
SEC Issues Wells Notice Against Coinbase for Listing Unregistered Securities. The US Securities and Exchange Commission sent a wells notice to Coinbase, alleging that it listed unregistered securities.
Fed Hikes Interest Rates By 25 Points, Prompting Bitcoin Volatility. The Federal Reserve’s decision to hike key interest rates by 25 basis points resulted in massive BTC volatility.
Terra’s Do Kwon Reportedly Arrested in Montenegro. Terra’s Co-Founder was apprehended in Montenegro after months of being on the run, and US prosecutors accused him of operating a cryptocurrency fraud.
Telegram Integrates Tether (USDT) Payments on Tron Network. Telegram started allowing users to send Tether (USDT) to each other on its platform, with payment capabilities supported only on Tron for now.
