• Bitcoin (BTC) and Ethereum (ETH) have seen a significant rally in the last seven days.
• Credit Suisse Group AG is facing pressure to merge with rival UBS AG, which could result in increased investor confidence.
• The current global crypto market capitalization has reached $1.17 trillion, showing an increase of 5.41% from the previous day.
Price Increase of Bitcoin and Ethereum
Bitcoin (BTC) and Ethereum (ETH) have seen a significant price surge in the last seven days, with Bitcoin soaring by more than 35% and Ethereum by more than 25%. This boost in the crypto market has sparked the interest of investors, who want to know how far these cryptocurrencies can go.The considerable increase in the value of Bitcoin can be attributed to actions aimed at improving the financial system. Moreover, increased investor optimism in the potential of the US decreasing interest rates later this year has also played a role in supporting Bitcoin’s gains.
Ethereum Price Surge
Ethereum, ranked as the second-biggest cryptocurrency in terms of market capitalization, has witnessed a substantial rise in its value. Presently, it is being traded at $1,809.90, with a 24-hour trading volume amounting to $12,940,582,584. This upswing in ETH’s price indicates a bullish trend in the cryptocurrency market. As of now in 2023, Bitcoin’s value has increased by an impressive 55%, which is quite a feat for such a short time. The current global crypto market capitalization has reached $1.17 trillion, which shows a 5.41% increase from the previous day.
Regulators Urge Credit Suisse and UBS To Merge
Credit Suisse Group AG is facing a critical weekend as authorities urge the failing Swiss lender to consider a merger with rival bank UBS AG. However, both banks have shown an unwillingness to merge; regulators do not have power to force merger either way .The 167 year old Credit Suisse shares jumped 9% amid it borrows$54 billion from Swiss central bank for liquidation and investor trust building purpose .
Bitcoin Prices Rise as Investors Seek Safe Haven
It’s worth noting that over this weekend , Credit Suisse CFO Dixit Joshi and his team worked on plans for strengthening liquidity position by using cash reserves instead of borrowing funds from other sources . As expected , investors reacted positively towards this decision leading them look towards bitcoin as safe haven asset .
These events demonstrate that despite recent bearish sentiment experienced throughout 2020 , there are still strong signs that digital assets could continue their upward trajectory moving into 2021 . It will be interesting to see how both BTC & ETH react over coming days once more news regarding their respective markets become available .