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Bitcoin Price Set For $30K As UBS-Credit Suisse Deal Fails To Contain Banking Crisis

Bitcoin price rises, banks' shares fell after UBS-Credit Suisse deal and joint effort by global central banks fails to stop banking crisis.
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Bitcoin Price Set For $30K As UBS-Credit Suisse Deal Fails To Contain Banking Crisis

Bitcoin price rises, while banks’ shares and bonds fell on Monday as UBS Group AG’s acquisition of Credit Suisse fails to calm investors’ fear, with the banking crisis deepening. UBS Group acquired the ailing competitor at a 60% discount for $3.25 billion, as part of the emergency ordinance and to prevent financial instability.

Despite the deal and joint effort by central banks including the U.S. Fed, ECB, BoE, and Swiss National Bank to boost US dollar liquidity in global markets, bank stocks are falling again.

UBS shares fell over 7% while Credit Suisse plunges over 60% on March 20. Shares of other banks including HSBC, ING Groep, Societe Generale, Deutsche Bank, Commerzbank, and BNP Paribas also fell sharply. The STOXX Banks index tracking stocks of 600 European banks fell nearly 3%.

“A week can be a very long time in financial markets. UBS acquiring Credit Suisse for 3 billion francs a week ago would have seemed like a terrific deal. Now the position is less clear,” said Johann Scholtz, an analyst at Morningstar.

Also Read: Binance Announces Arbitrum Listing, ARB Futures Trading Live On BitMEX

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Bitcoin Price Rally To $30K Will Continue

Bitcoin price looks for another rally as the banking crisis deepens. The closure of Silvergate, Silicon Valley Bank, and Signature bank by regulators have caused instability in the global market. As a result, Bitcoin and Gold prices are rallying massively.

Bitcoin and Ethereum prices are currently trading above $28,000 and $1800, respectively. BTC price is up 4% in the last 24 hours, with 24-hour low and high of $27,196 and $28,527, respectively. Meanwhile, the ETH price is stable and trading sideways in the last 24 hours.

Popular analyst Michael van de Poppe predicts a decline in BTC price as traders will look to book profits near the resistance at $28.3K. Holding above $27,700 is important for the BTC price to hit $30K this week.

Crypto analysts Ali Martinez revealed that TD Sequential show a sell signal for Bitcoin in the daily chart. It anticipates a 1 to 4 candlesticks correction and may push BTC price below the $27,000 support, triggering a dip to $26,000-$25,300. Bitcoin must close above $28,200 to invalidate the sell signal and jump to $29,600 this week.

Also Read: How Bitcoin Will Breach $1 Million? Ex-Coinbase CTO Clarifies

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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