Germany’s Deutsche Bank falls as Bitcoin climbs


On March 24, Deutsche Bank AG’s shares dropped as much as 14%, marking the bank’s third consecutive day of declines. Its shares fell as low as €7.95.

Despite rebounding from its previous most significant losses, the bank concluded the day more than 8% down at €8.54 per share.

Concerns over Germany’s biggest lender grew in the days after Credit Suisse Group AG’s forced acquisition by its more significant competitor UBS Group AG. As a result of the collapse of Silicon Valley Bank (SVB) in the United States earlier this month, investors are searching the world for weak banks.

Deutsche Bank plays a prominent role in the global financial system due to its extensive presence in Europe and the United States. It offers loans and other services to a variety of multinational organizations worldwide.

Olaf Scholz, a German chancellor, addressed the media at an EU meeting in Brussels: Deutsche Bank’s business model has been thoroughly modernized and restructured, and it is a highly profitable bank.” There is no cause for alarm.”

Other European banks’ shares dropped on March 24, although not as much as Deutsche Bank’s. The stock of another German bank, Commerzbank AG, fell 6.5%, the stock of the British bank Barclays PLC sank 5.8%, and the stock of the most valued bank in France, BNP Paribas SA, fell 5.27%.

Deutsche WertpapierService Bank (Dwpbank) of Germany revealed this week that it is creating wpNex, a new platform that will provide Bitcoin (BTC) trading to retail clients of all 1,200 its affiliates in the second half of this year.

It should be remembered that when the SVB crashed, the price of BTC dropped. Since then, however, its value has increased by about 40% and shows no indications of slowing down. At press time, it was trading at $27,443.03 a unit.

Bitcoin maximalists have been emphasizing BTC’s resiliency despite the global financial crisis as fears about the demise of the world’s largest institutions mount.

Numerous times, proponents of a decentralized banking system have argued that a financial system devoid of trust is the best way ahead for a healthy economy.

Also Read: Number Of Profitable Ethereum Addresses Hits 10-Month High As ETH Continues To Rally

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