Switzerland’s largest banking institution – UBS Group – entered into a merger deal with its troubled rival – Credit Suisse. The former will pay $3.25 billion to finalize the deal, which is 60% less than what Credit Suisse was worth at the end of last week.

Bitcoin reacted positively to the news, surpassing $28,500 for the first time since June 2022.

(By Dimitar Dzhondzhorov)