Traditional Markets Fall as the Credit Suisse Banking Turmoil Swings the Cryptocurrency Markets

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Last Updated on March 16, 2023 by Bitfinsider

Due to worries about an impending banking catastrophe, traditional and cryptocurrency markets both declined.

At the time of writing, Bitcoin was trading at about $24,400 after surging past $26,000 on Tuesday and hitting a 10-month peak.  Ether, with a price of $1,650, was also down.

After Switzerland’s central bank and financial regulator said they would provide a liquidity backstop if necessary, it was reported that Credit Suisse dropped 14% despite shares trading higher in after-hours trading.

The S&P 500 dropped 0.7% while the Nasdaq 100 barely changed in the traditional U.S. markets. While MicroStrategy fell by 0.8% and Galaxy Digital by 7.0%, Bitcoin increased by 2.9%.

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