BTC - Why Bitcoin Solana and The Sandbox Surged Over the Weekend
2023-03-20 09:24:59 ET
Don't look now, but Bitcoin (CRYPTO: BTC) and other large-cap cryptocurrencies have made big moves over the weekend. As of 8:30 a.m. ET, Bitcoin, Solana (CRYPTO: SOL) , and The Sandbox (CRYPTO: SAND) have gained 5%, 14%, and 8.9%, respectively, since 4 p.m. ET Friday. These moves have resulted in Bitcoin crossing the $28,000 threshold, its highest level in nine months.
This move also comes on a weekend during which more drama in the banking sector played out. Credit Suisse was bought out by fellow Swiss bank UBS Group in one of the most shocking consolidations among major global banks since the Great Recession.
This $3.3 billion deal for Credit Suisse (less than half of Friday's closing price) comes with a number of liquidity provisions and guarantees. However, this deal also essentially wipes out $17 billion of Additional Tier 1 (AT1) bonds, leading to market concerns around the health of the $275 billion AT1 bond market in Europe.
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Why Bitcoin, Solana, and The Sandbox Surged Over the Weekend