Conflux rises fast, UBS tries to save Credit Suisse and the Fed can send Bitcoin to $30k next week

0

Last Updated on 6 November 2023 by CryptoTips.eu

Conflux, the small cryptocurrency with a clear link to female Chinese influencers, is up another 160% in a week (at the time of writing). The banking crisis pauses as stock markets close for the weekend. Over in Switzerland they’re eagerly searching for a solution to Credit Suisse’s problems and hope to find it at rival UBS (before markets open tomorrow). Next week the Fed meets and no matter what Jay Powell says, he could send Bitcoin to $30k. An overview

Advertentie.

Conflux rises 180%

The small Chinese crypto coin Conflux is the biggest winner in CoinMarketCap’s top 100 of last week. On 21 February of this year, we already pointed out this coin supported by female Chinese influencers via the popular app “little red book”. We also warned back then that you should watch out for volatility. At that point, Conflux was up 500% in a week and went down a good 100% after that. This week it is up 160% again, so this coin has a very good 2023 so far.

However, watch out for volatility if Beijing suddenly decides to intervene.

UBS helps Credit Suisse

The banking crisis is clearly not over yet. On Thursday, Switzerland thought they had found a solution for Credit Suisse (via a $50 billion loan from the Swiss National Bank) and the share price promptly rose 20%. On Friday, investors again thought that the bank could still collapse and the price fell by 10%.

The Swiss government now hopes that the other major Swiss bank, UBS, can agree to take over Credit Suisse before markets open on Monday.

Fed next week

Next Wednesday is just about the most important day for the banks. There is a Federal Reserve meeting and they will announce what will be done about interest rates in the United States. The price of Bitcoin will certainly be affected by this.

Jay Powell, the chairman of the Fed, has no easy task. If he doesn’t raise interest rates, journalists may think he’s doing so because he believes US banks are in a bad state. If he does raise interest rates, he could push already-troubled American banks even further down the drain.

Panic in the US markets over a wrong word from Powell and we could be looking at Bitcoin at $30k by the end of next week.

KostyaKlimenko / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts