Breaking: Deutsche Bank Shares Slump 10%; Is It The Next Domino?
Crypto News: The domino effect triggered by the collapse of the Silicon Valley Bank reached the German multinational investment bank, Deutsche. Deutsche Bank AG (ETR: DBK) price dropped by around 10% in the trading market session. However, the digital asset market looked calm amid the erupting banking crisis.
Deutsche Bank Share Down By 20% In March
Deutsche Bank AG (ETR: DBK) price is on a decline for a third consecutive day losing around a fifth of its value this month only. As per the data, Deutsche Bank is down by 10% to trade at $8.76, at the press time. However, its price declined by more than 20% this month.
Its credit-default swaps registered a surge as its five year credit default swaps expanded by 24 basis points. It now stands at 193 basis points.
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Credit Suisse’s emergency rescue by UBS to halt the crisis triggered by the SVB collapse has further deepened the contagion concern in the market. Reports suggest that the UBS Group AG and the Swiss authorities are in line to seal the deal and retain the clients and employees. UBS Share price also registered a drop of 6% on Friday the Credit Suisse takeover surfaced. However, top European banks STXE 600 BANKS PR.EUR (INDEXSTOXX: SX7P) recorded a slump of 5%. Read More Crypto News Here…
However, the digital asset market seems to be holding the fort right now as it printed green indexes amid rising concerns. The cumulative market cap is up by 1.12% over the past day to stand at $1.17 trillion. Meanwhile, its 24 hour trading volume has taken a hit dropping by 16% to stand at $56 billion.
Bitcoin, the world’s largest crypto price surged by around 5% over the past 7 days. BTC price confidently held the crucial $28k level.
Also Read: Bitcoin and Crypto Back on Upward Trajectory Despite SEC’s Crypto Caution
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