• Bitcoin (BTC) and Ethereum (ETH) saw significant price surges of more than 25% and 35%, respectively, in the last seven days.
• The surge in crypto market has sparked the interest of investors who want to know how far these cryptocurrencies can go.
• Credit Suisse Group AG is facing a critical weekend as authorities urge it to consider a merger with rival bank UBS AG.
Bitcoin and Ethereum Price Surge
Bitcoin (BTC) and Ethereum (ETH) have seen significant price surges in the last seven days, with Bitcoin soaring by more than 35% and Ethereum by more than 25%. This boost in the crypto market has sparked the interest of investors, who want to know how far these cryptocurrencies can go.The considerable increase in the value of Bitcoin can be attributed to actions aimed at improving the financial system. Moreover, increased investor optimism in the potential of the US decreasing interest rates later this year has also played a role in supporting Bitcoin’s gains. Ethereum, ranked as the second-biggest cryptocurrency in terms of market capitalization, has witnessed a substantial rise in its value. Presently, it is being traded at $1,809.90, with a 24-hour trading volume amounting to $12,940,582,584. This upswing in ETH’s price indicates a bullish trend in the cryptocurrency market.
Global Crypto Market Capitalization
As of now in 2023, Bitcoin’s value has increased by an impressive 55%, which is quite a feat for such a short time. The current global crypto market capitalization has reached $1.17 trillion indicating 5.41% increase from previous day’s figures due to investor optimism regarding US’s decreased rate policy later this year
Regulators Urge Credit Suisse & UBS To Merge
Credit Suisse Group AG is facing a critical weekend as authorities urge them for merging with rival bank UBS AG but both banks have shown an unwillingness for it yet regulators do not have power to force them for merging .The 167 year old Credit Suisse shares jumped 9% amid it borrow $54 billion from Swiss Central Bank to shore up liquidity and investor confidence .
Investors Seek Safe Haven
Investors are looking towards safe haven assets during such uncertain times due to global pandemic which also includes cryptocurrencies like bitcoin which surged over 50 % since past few weeks .It’s worth noting that over weekend ,Credit Suisse CFO Dixit Joshi & his team held meetings with regulators & discussed possible ways on how Credit Suisse should move forward & whether or not they should merge with UBS or find other alternatives .
Conclusion
Cryptocurrency markets have shown great potential recently & major coins like BTC & ETH have seen significant gains since past week ,while many investors are optimistic about future prospects due to US’s decreased rate policy while some others are seeking safe haven assets during pandemic situation .However ,it remains unclear if Credit Suisse will accept regulator’s suggestion regarding their merger proposal with UBS or not .