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 resulted in the takeover of the troubled Credit Suisse bank by its competitor UBS for 3 billion dollars.
A sum that can be considered ridiculous when compared to what Credit Suisse was worth a short time ago.
The Swiss National Bank, the central bank of Switzerland, has additionally declared that it can grant Credit Suisse a liquidity assistance loan up to 100 billion Swiss francs.
This bailout was finalized in order to avoid panic on the financial markets this 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 which puts in place swap lines.
Many central banks are doing all 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 exchanges when they open.
It is also worth noting that Signature Bank, a crypto-friendly bank, was bought out by its American competitor Flagstar Bank, a subsidiary of New York Community Bancorp, announced the FDIC (Federal Deposit Insurance Corporation).
On Monday, March 20th, 2023, the 40 former Signature Bank branches will be operating under Flagstar Bank of New York Community Bancorp. However, importantly, 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. declares the FDIC in its official statement.
The Signature Bank’s crypto activity will thus not be taken over by the new owner.