This weekend, Bitcoin (BTC) topped $28,000 for the first time since the summer of 2022. After a particularly rocky weekend for traditional finance, and fears related to the collapse of several banks, the Will cryptocurrency come back in force? Update on a new context.
Stock markets continue to fall this morning, against a backdrop of banking crisis
We explained to you this morning that the Swiss government, the Swiss Central Bank and several major players in the banking world managed to save Credit Suisse in extremis… Or at least to support its integration with its rival UBS with the blows of billions of Swiss francs. The signal sent is strong, and aimed to reassure the world stock markets, worried about a new domino falling in this banking crisis which has spread.
But that hasn’t been enough so far. This morning, Asian markets were in the red : the Nikkei closed its session down sharply by -1.42%, while the Hang Seng lost -3.25%. In France, the CAC 40 also fell sharply at the opening this morning. It had already fallen more than 4% last week. For the moment, the signals sent are therefore not particularly positive, even if the coming hours will allow us to learn more about the apparent reluctance of the world stock markets.
Another sign of this strong concern, six central banks, including the US Federal Reserve (Fed) and the European Central Bank (ECB), have coordinated action to support the dollar. This exceptional measure illustrates the fear that gripped the global financial system faced with the consecutive falls of major banks.
đ Do not miss our guide â How to buy Bitcoin (BTC)?
Trade stocks or cryptos
A âŹ20 action offered when you register đ°
Bitcoin (BTC) and other cryptocurrencies are growing strongly
It is usual in the cryptocurrency sector: when the stock markets fall, so do the cryptocurrencies. But it seems that is not the case this time around. This weekend, while the financial markets waited with fear for the opening of the Stock Exchanges, Bitcoin (BTC) has had the luxury of exceeding $28,000. A breakthrough that he has just reiterated this morning:
Bitcoin (BTC) price picks up up this morning
Other cryptocurrencies also seem to benefit from this increase â at least over a longer period of time. Over the week, Ethereum’s ETH offers a nice +12%Binance’s BNB is up +17%, and Solana’s SOL shows a similar increase around +14%.
Some therefore already see proof that cryptocurrencies are finding their place of refuge, faced with a faltering banking system, and central banks that are artificially supporting a struggling dollar. Will this be the case? After the setbacks of the stablecoin sector, and some centralized players, Bitcoin and Ether seem to be a viable alternative for some.
As analyst Tagado pointed out a few days ago, the dynamics at play could push BTC back above the psychological threshold of $30,000. But we will remain cautious: the complex links between cryptocurrencies and traditional finance are not only played on stock market indices.
đ Listen to this article and all other crypto news on Spotify
đ Cryptoast Research Launch Offer
1st Newsletter Free with the code TOASTNL
Source: Trading View
Newsletter đ
Receive a summary of crypto news every Monday by email đ
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.