Global banking turmoil continues to mount as Credit Suisse, one of the world's largest financial institutions, faces possible collapse. The bank's shares have plunged more than 24% in a day--and Saudi National Bank, the largest shareholder in Credit Suisse, has declared that it won't provide additional capital to aid the bank.
With concerns about the safety of today's banking system spreading worldwide, we'll consider how these recent developments may impact the best cryptos to buy today.
The decline in Credit Suisse's shares has been so rapid that the Swiss market experienced an automatic trading pause as reported by UPI. The recent shutdowns of SVB and Signature Bank in the United States have also contributed to the aforementioned banking concerns.
In response, the Biden administration has pledged to create a new facility that will lend money to banks needing additional capital to remain operational. Depositors have been assured that they will be fully compensated.
While all of this is happening, Bitcoin has reached a yearly high, with its price rising from $19,559 to $26,534 at one point in just a few days. The idea that Bitcoin can provide a solution to traditional banking problems seems to be gaining traction with global searches for "Bitcoin bank" surging in the past week.
According to data from CoinMarketCap, BTC's price has declined to $24,425 at the time of writing, which is a drop of 2.74% within the past 24 hours, after reaching its annual high.
Credit Suisse's situation underscores the precariousness of the modern banking system, and Bitcoin's rising popularity reflects people's concerns. Although Bitcoin's price is volatile, its decentralized and self-sustaining structure may address the deficiencies ofRead more on cryptonews.com