Credit Suisse Shares Drop 24%; Bitcoin Price To Take A Hit?
Crypto News: Credit Suisse Group AG (SWX: CSGN) shares price registered a drop of 24% on Wednesday as the global bank crisis stretches. This comes after Saudi National Bank, Credit Suisse’s biggest investor reportedly said that it is unable to provide any further financial assistance to the struggling bank.
Is Credit Suisse To Fall Next?
Data depicts that Credit Suisse shares went on to hit another all-time low for the second consecutive day. Reuters reported that SNB chairman Ammar Al Khudairy stated that they cannot help Credit Suisse because of the regulatory issue. The Saudi Bank holds around 9.88% of stakes in the troubled bank.
The Saudi Bank committed to investing up to $1.5 billion at the time of the 10% stock acquisition last year. The mega dump in Credit Suisse’s share price came after its recently published 2022 annual report mentioned “material weaknesses”. The report sparked a withdrawal run among the investors.
As the Credit Suisse’s customer outflow breached $120 billion in the fourth quarter, it seeks to recover from a series of mistakes that may have triggered the users’ confidence.
Also Read: Elon Musk Backs Cathie Wood’s Bullish Crypto Comment Amid Banks Crisis
Experts have suggested that the dominos are starting to fall apart as the bank stocks declined by an average of 10% in a day. Three crypto friendly banks have already collapsed over the past week. The digital asset industry registered a direct impact caused by the collapse.
However, Bitcoin price that once dipped to trade below $20K due to the collapsing traditional market went to break the $26K price level. Bitcoin is trading at an average price of $24,919, at the press time. BTC is up by a whopping 12% over the past 7 days.
The cumulative crypto market cap regained its $1 trillion mark following the broad recovery in the industry.
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