This week on The Market Report, our beloved host, Joe Hall, and insightful expert, Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to discuss why he thinks Bitcoin’s (BTC) price is rising amid collapsing banks.
We kick things off with this week’s first article:
UBS Group agrees to $3.25B “emergency rescue” of Credit Suisse
UBS Group agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability. To close the deal, Swiss authorities agreed to change the country’s regulations to bypass a shareholder vote and announce the deal over the weekend ahead of the market opening. Was this move actually legal? After this move, will Switzerland still have a reputation for being the securest financial market? Pechman has much to say on this matter and addresses the issue with Credit Suisse debt holders, so watch the whole video because you won’t want to miss his insights.
Investors shelter in short-term Treasurys, reducing Bitcoin’s chance of rallying to $30K
The price of Bitcoin surpassed $28,000 on March 21, but according to two derivatives metrics, traders aren’t very ecstatic after a 36% gain in eight days. Looking beyond Bitcoin’s stellar performance, there are reasons investors are not fully confident in further price upside. The recent rescue of Credit Suisse, a 167-year-old leading Swiss financial institution, proves that the current global banking crisis might not be over. Pechman explains why the price of Bitcoin might not touch $30,000 just yet.
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