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Crypto Market in Consolidation as Credit Suisse Stock Plummets

Cryptocurrency Oct 03, 2022 08:00AM ET
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Crypto Market in Consolidation as Credit Suisse Stock Plummets
 
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  • Credit Suisse shares plummeted 10% in the early hours of this morning.
  • Stocks for Credit Suisse Group AG are trading at $3.66.
  • The crypto markets seem unphased by the happenings in the European financial markets.

Shares in Credit Suisse plunged nearly 10% during Europe’s morning trade session today after it was reported that the bank’s executives are discussing with its major investors to reassure them amid rising concerns over the Swiss lender’s financial health. At the time of writing, stocks for Credit Suisse Group AG are trading at $3.66 according to MarketWatch.

As one of the leading banks in Switzerland sees its stock price drop in the European market open, the two crypto market leaders have also seen their prices drop by a small percentage over the last 24 hours.

According to CoinMarketCap, the price of Bitcoin (BTC) is trading at $19,178.04 after a slight 0.59% drop in price, and Ethereum (ETH) is trading at $1,290.30 after a 1.69% drop in price.

Overall, the total crypto market cap is down just under 1% for the day at 0.89% – taking the total to $926.95 billion. This suggests that the crypto market is not too phased by the Swiss Bank’s poor start to the week.

In related news, markets globally are in turmoil as three major stock indexes are down more than 20% from their highs. Oil and other commodities are also getting hammered, and there is fear and panic in the bond markets.

Central banks are not necessarily to blame for the escalating situation in traditional financial markets. Rather, the recent pandemic and war, combined with several other macroeconomic factors, have created the main problem: high inflation.

Despite the high inflation, the crypto markets continue to make strides. Most notably, the ETH Merge and the Vasil hard fork upgrade that took place just a few weeks prior. This suggests that the crypto markets are not too heavily influenced by what is happening in the financial markets at the moment.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Crypto Market in Consolidation as Credit Suisse Stock Plummets appeared first on Coin Edition.

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Crypto Market in Consolidation as Credit Suisse Stock Plummets
 

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