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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Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

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