Bitcoin tapped $28,500 for the first time since June 2022 after Credit Suisse announced the merger deal.
Switzerland’s largest banking institution – UBS Group – entered into a merger deal with its troubled rival – Credit Suisse. The former will pay $3.25 billion to finalize the deal, which is 60% less than what Credit Suisse was worth at the end of last week.The Rescue Deal
The ailing bank will continue conducting its business as normal until finalizing the merger deal. Moreover, the Swiss National Bank will allow it access to facilities that offer substantial additional liquidity.“Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome.
Amid this global banking calamity, bitcoin’s price has skyrocketed lately, being up nearly 70% since the beginning of 2023.
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