Bitcoin Stable as Credit Suisse Rumors of Deutsche Bank Collapse

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Bitcoin Stable asCredit Suisse Rumors of Deutsche Bank Collapse

Bitcoin is holding steady amid rumors of abanking collapse, trading between $18,900 and $20,200 over the past three days.Investor Miles Deutscher drew parallels between the woes at Credit Suisse andDeutsche Bank and the collapse of the Lehman Brothers during the 2007-2008financial crisis.

LehmanBrothers was the fourth largest U.S. investment bank at the time,but it filed for Chapter 11 bankruptcy following a drastic assetdevaluation and sharp fall in its stock price. The primary driver of this wasthe firm's subprime mortgage exposure.

Fast forwardto the present, and several recent events, including the Bank of England(BoE) being forced to intervene with a £65 billion bailout of the bonds market,suggest the legacy finance system is on the brink of failing. Investors turnto Bitcoin Meanwhile, the price of Bitcoin has traded in a relatively stablepattern as stocks continue to dip amid the macro chaos.

During thisperiod, Analyst Dylan LeClair pointed to a divergence between BTC and theS&P 500 around mid-September. Recently, with Bitcoin closely mirroringrisk-on-price movements, the safe haven narrative has come unstuck. However, ithas reasserted itself over the past few weeks.

On the daythe BoE intervened in the U.K. bond market, the BTC/GBP trading pair sawa massive spike in trading volume, suggesting Brits were buying Bitcoin as thecentral bank reneged on cutting its balance sheet. Banking collapse At thecenter of Credit Suisse's problems are Credit Default Swaps (CDS).

These referto a financial derivative product enabling investors to swap or offset theircredit risk with that of another investor. Analysis per the latest WeeklyMacroSlate Report likened the current CDS market to happenings during the 2008subprime crash. With the U.S. payroll data to be released on October 7, thisweek will be critical for Bitcoin and its tentatively re-established safe havennarrative.

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