The broad-based US dollar failed to stop its previous declines and dropped further as investors worried about contagion and recession after Credit Suisse and First Republic Bank’s shares tumbled.
It is worth noting that the fear of contagion caused US banks to seek a record $153 billion in emergency liquidity from the Federal Reserve. Unfortunately, the $54 billion loan for Credit Suisse and the $30 billion lifeline for First Republic did not stop their stock declines.
As investors become more concerned about the stability of the existing financial system, they are turning to alternative safe-haven assets like Bitcoin. This underscores Bitcoin’s role as a hedge against market uncertainty and volatility, particularly during times of economic instability.
This article was originally published by CryptoNews.