Deutsche Bank looks to be the next big bank to get into trouble. The traditional bank recently lost 15% of its share value. As a result, other European banks lost on the stock markets. Can Bitcoin and crypto prices go up further after further negative developments in this banking crisis?
What is Deutsche Bank?
Deutsche Bank is a global financial institution that provides a wide range of financial services to individuals, businesses, and institutions. Founded in 1870, it is headquartered in Frankfurt, Germany and operates in over 60 countries worldwide.
Deutsche Bank offers services such as corporate and investment banking, asset management, wealth management, retail banking, and transaction banking. It also engages in securities trading, foreign exchange, and other investment activities. The bank has a significant presence in Europe, the Americas, and Asia Pacific.
Over the years, Deutsche Bank has been involved in several controversies, including allegations of money laundering, market manipulation, and financial fraud. The bank has undergone significant restructuring and management changes in recent years as it seeks to address these issues and improve its financial performance.
What happened to Deutsche Bank?
Deutsche Bank has become the focus of another possible banking crisis. The major bank lost more than 14% in share value on Friday. This crash in a short period of time is massive for the stock market. The course of bank has recovered in the last few hours. Still, the shock had some negative effects.
As a result of the major bank’s price crash, other European banks have seen losses on the stock market. So far no bankruptcy is known. Nevertheless, the financial market remains extremely nervous and the banking crisis, which began with the insolvencies of tech banks in the USA, continues to make waves.
Can Bitcoin Price go up from the potential Deutsche Bank Crash?
Little has happened in the crypto market in the last 1 to 2 days. The Bitcoin price fell back below the $28,000 mark and has not yet benefited from the news about Deutsche Bank. Similar to the insolvency of the Silicon Valley Bank, we only see an immediate fall in the price.
Ultimately, the impact of Deutsche Bank’s share losses is much smaller than the insolvency of tech banks. However, it is still possible that the Bitcoin price can rise again in the coming days if it benefits from a further loss of confidence in the banks.
Will Bitcoin price hit $30,000?
The Bitcoin price could rise to the $30,000 mark in the next price jump. This increase could occur as a consequence of further difficulties of large banks in Germany and Europe.
We have to keep a close eye on how the situation with Deutsche Bank develops over the next few days. Insolvency that becomes known could trigger another cascade that would cause the Bitcoin price to rise massively.
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