Crypto markets seesaw amid Credit Suisse banking crisis, traditional markets tumble
Quick Take
- Bitcoin fell back under $24,500.
- Credit Suisse tumbled after reporting “material weakness.”
Crypto markets slid alongside traditional markets as fears over a looming banking crisis.
After soaring past $26,000 on Tuesday and reaching a 10-month high, Bitcoin was trading at around $24,400 as of 5 pm EDT.
Ether was also down, priced at $1,650.
Credit Suisse fell 14%, though shares were trading higher in after-hours after Switzerland’s central bank and financial regulator said they would provide a liquidity backstop if necessary, Bloomberg reported.
Credit Swiss Chart by TradingView
In traditional U.S. markets, the S&P 500 fell 0.7% while the Nasdaq 100 was little changed. Galaxy Digital was down 7% and MicroStrategy 0.8%, while Coinbase rose 2.9%.
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