Crypto Market News : Bitcoin To Hit $1m in 90 Days, UBS acquires Credit Suisse, and more…
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UBS acquires Credit Suisse for 3 Billion Swiss Francs: A Big Money Move
In a significant acquisition, UBS has acquired Credit Suisse for 3 billion Swiss francs, with the support of the Swiss Federal Government, Swiss financial market regulator Finma, and the Swiss National Bank. This move is expected to have a significant impact on the financial industry, and both UBS and Credit Suisse will have unlimited access to the Swiss National Bank’s existing facilities. The SNB has also pledged to provide up to 100 billion Swiss francs in liquidity assistance loans to Credit Suisse, with federal default guarantees.
Bitcoin Surges to a 9-Month High: BTC Bulls Roar Back
Bitcoin has emerged as a savior amidst the ongoing banking crisis in the US and Europe, and has become a strong bet against hyperinflation. With global markets experiencing uncertainty, the demand for Bitcoin has surged, with the cryptocurrency gaining more than 25% in the last week alone. Veteran investor Balaji Srinivasan has even bet on Bitcoin hitting $1 million in the next 90 days, citing the Fed’s actions leading to a situation of hyperinflation.
Bitcoin at $1 Million in 90 Days
While Bitcoin has seen a surge in demand and price, some experts caution against taking Balaji Srinivasan’s bet of Bitcoin hitting $1 million in the next 90 days seriously. Analysts have explained that an entire Chinese GDP would need to flow into Bitcoin for Balaji’s bet to come true. Despite the market frenzy, analysts predict a possible banking crisis ahead and wonder if Bitcoin will rise to the occasion as the world’s reserve currency.
Bitcoin ATM Provider Closes Cloud Service After Malicious Attack
Bitcoin ATM maker General Bytes has shut down its cloud services after its hot wallets were compromised, leading to hackers stealing sensitive user information, passwords, and private keys. General Bytes has advised its operators to install standalone servers and update passwords and API keys to improve security. This incident highlights the need for improved security measures in the cryptocurrency industry.
Fed and Central Banks Join Forces to Strengthen Swap Lines Amidst Banking Crisis
Amidst the ongoing banking crisis in the US and Europe, the US Federal Reserve has announced a coordinated effort with five other central banks to keep the US dollar flowing. The currency swap line network includes the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and the Swiss National Bank, and will operate until at least April 30. These swap lines are designed to improve liquidity in dollar funding markets during tough economic conditions and are not related to quantitative easing or inflation.
UK Introduces Digital Asset Tab in Tax Forms: Tax Time for Crypto Traders
Digital asset owners in the UK will now have to identify their Bitcoin returns separately on tax forms, starting from the tax year 2024–25. This new tax filing requirement is expected to bring in £10 million ($12 million) for the UK government annually. The new rule will apply to capital gains tax payable by UK investors when they exit investments at a profit. The UK government is investing in future technology, known as Web3 or the Metaverse, as it ramps up its pursuit of taxes on cryptocurrency.