- Bank stocks from all around the world are in the red, with Credit Suisse suffering a huge setback.
- ChatGPT predicts that the stock market will crash, although they are faring well at the time of writing.
- In contrast, the crypto market is still looking good, with some seeing 50% weekly surges.
The crypto market’s dream of decoupling from mainstream financial markets may come true soon, as another bearish day hits the banking sector.
Major banking institutions, particularly those from the US, have been seeing one of the reddest statistics the world has seen in a while. What is worse is that Credit Suisse, a prominent banking name from Switzerland, is suffering a record-low stock value of -26% today.
As seen in the tweet above, this banking horror is affecting almost all major banks in the world. This was what many predicted after weeks of FUD caused by the insolvency of American banks like Silvergate Bank, Silicon Valley Bank, and Signature Bank.
Moreover, leading AI platform ChatGPT forecasted that the stock market will crash starting today, March 15.
So far, stocks are faring relatively well compared to banks. For instance, the S&P 500, Dow Jones, and Nasdaq futures are enjoying an overnight windfall after suffering jabs from earlier this week. Tech stocks are also looking a bit promising despite setbacks faced in the first quarter of this year.
In contrast, the crypto market is faring relatively well, with most altcoins in the green and some within the top 100 list enjoying surges of 50% and above. In addition, leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are up in the last 7 days by 12.1% and 7.6%, respectively.
