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.

BTC/USD Chart by TradingView

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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