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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally?

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Credit Suisse

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As the global bank crisis spreads, Credit Suisse Group AG, a Switzerland-based global investment bank and financial services firm, seems to have been caught in the contagion, which could lead to more gains for Bitcoin and the crypto market. The bank’s shares CS dropped by nearly 25% over the week. 

This plummet comes after the bank’s largest shareholder Saudi National Bank (SNB), reportedly disclosed that it could not provide further support for Credit Suisse. According to Reuters, citing an SNB statement, the bank stated it would “no longer buy more shares in the Swiss bank on regulatory grounds.”

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Another Share Drop, Another Bank Run?

Saudi National Bank’s latest withdrawal of support to the struggling Credit Suisse has raised several speculations on whether this could eventually lead to the downfall of the struggling bank. SNB currently holds a large stake in Credit Suisse of up to 9.88%. SNB chairman Ammar Al Khudairy told Reuters the bank could not go further than 10% due to regulatory concerns.

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After the announcement, Credit Suisse shares plummeted 24% on Wednesday, March 15. Credit Suisse shares have since been on a downtrend following the collapse of Silicon Valley Bank; its recent plummet due to SNB support withdrawal has made it hit a new record low with a value of $2.10 at the time of writing.

Credit Suisse chart on TradingView
Credit Suisse is moving sideways on the 1-day chart. Source: CS on TradingView.com

As of last year, after its 10% stock acquisition, SNB committed a $1.5 billion investment in Credit Suisse. The struggling bank’s latest major dump came just months after publishing its 2022 annual report, resulting in a massive withdrawal of funds from the financial institution.

While the company has continued to seek financial assistance after seeing a decline in customer activity, experts have suggested the bank could eventually fall, given the recent collapse of three major banks in the United States in the past week.

Is Bitcoin Gearing For Another Rally?

With the previous Bitcoin (BTC) rally attributed to the collapse of prominent banks, speculations have been raised around the crypto community on whether another significant bank fall, such as Credit Suisse, could again lead to the cryptocurrency extending its bullish trend. 

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Dormant Bitcoin Now 16% Higher Than BTC In Exchange Reserves

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Over the past week, since the fall of three major US banks Silvergate, Signature bank, and Silicon Valley, many investors in the financial sector have sought an alternative way as a store of value. So far, crypto assets such as Bitcoin have shown to be the best option. The latter has been reflected in their prices. 

This has made Bitcoin and the rest of the market go into a bullish period over a short period. Furthermore, the BTC price chart indicates another potential upcoming surge after the previous rally.

Bitcoin price chart on TradingView
Bitcoin price is moving towards external (marked) liquidity at the $31,000 region on TradingView.com

Recent events hint at bad news for the global economy, but the crypto market and Bitcoin, in particular, have benefited. The continuous downfall of banks could gear BTC and the rest of the crypto market for another spike as the store of value narrative re-gains momentum as an appealing alternative to the fiat system. 

Featured image from Unsplash, Chart from TradingView.

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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