• Deutsche Bank AG (DB) share price down 15%, credit default swaps hit 4-year highs.
• European bank stocks have given up all their gains for 2023 – falling as much as 20%.
• Bitcoin holds firm above $28,000 – Coinbase and Square head lower in pre-market trading.
Deutsche Bank’s Share Price Drop
Deutsche Bank AG (DB) is currently 15% down in share price — lower than 8 EUR. Credit Default Swaps (CDS) also hit four-year highs. This has caused contagion fears to spread among U.S regional banks stocks, which have hit new lows.
European Banks Stocks Performance
European bank stocks have given up all their gains for 2023 — falling as much as 20% since earlier this month. This suggests that the current market volatility is having a ripple effect on Europe’s banking sector, with investors worried about counterparty risk and contagion spreading across other banks and financial institutions.
Bitcoin Price Holds Firm Despite Volatility
Despite the overall market volatility, Bitcoin has held firm above $28,000 while Coinbase and Square head lower in pre-market trading. This may be due to long-term holders taking profits at roughly $28.6k after rallying from its latest dip below $25k just two weeks ago, or it could be because of increased institutional interest as more companies embrace cryptocurrency technology for payments and investments purposes.
Conclusion
Despite the swings in the stock markets, Bitcoin remains resilient despite the volatility and continues to rise in value against traditional fiat currencies like USD, EUR and GBP. Furthermore, companies such as Coinbase are continuing to move towards on-chain staking services for Tezos and Cosmos tokens to provide more opportunities for crypto users to earn rewards on their holdings without having to actively trade them on exchanges or put them into dedicated staking pools.. Despite this news, many investors remain cautious due to potential risks associated with investing in cryptocurrencies such as counterparty risk and potential manipulation of prices by whales or other actors with large stakes in particular coins or tokens.
Disclaimer
: CryptoSlate does not endorse any project that may be mentioned or linked to this article nor does it take responsibility should you lose money trading cryptocurrencies
