The 166-year old Credit Suisse is on the brink of collapse, just days after Silicon Valley Bank, Silvergate Bank and Signature Bank all collapsed, with SVB and Signature requiring intervention from the federal reserve. Analysts and pundits are calling this the The Banking Collapse 2.0, as Credit Suisse stock dropped for $2.16 after the Saudi National Bank, which owns 9.8% of Credit Suisse, declined to inject any more funds into the bank. In the interim of this banking crisis, crypto saw a pump, as Bitcoin flirted with the $26,000 level, but has since retraced, as it currently sits at $24,412.98, down 1.7% in the past 24 hours. Trader Gareth Soloway took to Kitco News to give his take on the current banking situation and how Bitcoin will be affected. Gareth predicted that the charts show that Bitcoin would run close or break through to the $25,000 range before crashing significantly down to the $9 to13,000 range. The first half of Gareth’s prediction has passed and now he is sticking with his bottom of $13,000. While Gareth has repeatedly said that long term, Bitcoin will be a superstar asset, he believes in the short term, Bitcoin has not yet decoupled with the S&P 500, which he predicts will crash 25% by year end. In addition, Gareth believes the looming recession which will cause sell-offs plus the lack of transparency on regulation, Bitcoin dropping to $13,000 is very realistic and likely.
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