The weekend’s commotion in the banking sector propelled the Bitcoin price (BTC) above 28000 dollars, a new high for this year 2023.
Important negotiations in Switzerland have resulted in the takeover of the struggling Credit Suisse bank by its competitor UBS for 3 billion dollars.
A sum that can be considered laughable when compared to what Credit Suisse was worth a short time ago.
The Swiss National Bank (BNS) has also stated that it can grant Credit Suisse a liquidity assistance loan of up to 100 billion Swiss francs. This bailout was completed in a hurry in order to prevent a panic at the opening of the financial markets on Monday, March 20, 2023.
Faced with the doubt that hangs over the global banking sector, the central banks of the United States, Switzerland, and other countries also announced on Sunday a coordinated action that puts in place swap lines.
Central banks are doing everything they can to avoid a major banking crisis, hoping that these latest measures taken over the weekend will be enough to reassure Asian, European, and American stock markets when they open.
It’s also worth noting that Signature Bank, a crypto-friendly bank, was bought by its American competitor Flagstar Bank, a subsidiary of New York Community Bancorp, announced the FDIC (Federal Deposit Insurance Corporation).
On Monday, March 20, 2023, Signature Bank’s 40 former branches will operate under Flagstar Bank of New York Community Bancorp. An important detail is that this acquisition does not include deposits in digital assets (Bitcoin and cryptocurrencies). The FDIC will provide these deposits directly to customers whose accounts are associated with digital banking activity. “The FDIC is committed to ensuring that depositors’ interests are protected,” said FDIC Chairman Jelena McWilliams in the agency’s official statement. Signature Bank’s crypto activity will not be taken over by the new owner.
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