Despite the crypto rally slowing down this week, some leading cryptocurrencies have still increased by double-digit percentages. Credit Suisse’s crisis largely triggered the upward price movement.
Initially, the financial institution had requested a $54 billion loan from the Swiss National Bank to boost its liquidity before announcing that it had entered a $3 billion purchase deal with UBS on Monday.
Despite the bailout, investors turned their attention to risk-on banking options, like cryptocurrencies. As a result, Bitcoin posted gains of 5% in the past seven days to change hands for $27,872 at press time. Ethereum also increased by 3% to $1,789, according to data from CoinGecko.
Several popular crypto advocates pointed to the collapse of Credit Suisse along with Silicon Valley Bank, Signature Bank, and Silvergate to shill Bitcoin by touting it as a safe-haven asset.
BTC also got a boost after leading Solana NFT marketplace Magic Eden announced it had added support for Ordinals. This project allows crypto fans to mint NFTs on the Bitcoin blockchain without requiring high-functionality smart contracts such as those on Solana or Ethereum.
Other notable upward price movements came from XRP, which surged 23% to $0.47, and LTC, which rose 7% to $91.1.
Meanwhile, three top thirty tokens recorded substantial losses this week. They include OKB, which shed 16.2% to $42.01; TON, which dropped 14.2% to $2.12; and ATOM, which fell by 16.2% to $11.15.
Other Crypto News This Week: Desantis Levels Attack on CBDC
In the United States, Florida Governor Ron DeSantis led other prominent Republicans to oppose the idea of a CBDC (Central Bank Digital Currency).
DeSantis proposed the ban of CBDC in his state, claiming that the Federal Reserve wants to use that digital currency to surveil Americans and control them.
Republican Representative Warren Davidson took to Twitter on Thursday to urge his colleagues to reject a Fed’s CBDC, calling it an “Orwellian payments system.”
On that day, Junior US Senator from Texas, Ted Cruz, proposed legislation that would see the issuance of a CBDC blocked.
SEC’s Crypto Crackdown
The crackdown on the crypto industry continued this week as US Securities and Exchange Commission (SEC) served crypto exchange Coinbase with a Wells Notice, accusing the company of not registering its staking products with the agency.