Dogecoin has now overtaken Swiss banking giant Credit Suisse in market cap value
Regarding market valuation, Dogecoin has surpassed Credit Suisse, the dominant player in Swiss banking. The price of Dogecoin is present at $10 billion. In contrast, Credit Suisse’s market capitalization has dwindled and is now at $7.3 billion.
Dogecoin : $10 Billion
Credit Suisse : $7 Billion
— Raphaël Bloch 🐳 (@Raph_Bloch) March 15, 2023
This humorous development follows Credit Suisse’s disclosure in its annual report of “material deficiencies” in its financial reporting systems and client withdrawals. Because the Saudi National Bank, Credit Suisse’s main sponsor, cannot provide additional support due to regulatory restrictions, the bank’s share price has dropped by an astounding 25%, setting a new record low.
The failure of Silicon Valley Bank, Signature Bank, and Silvergate Bank earlier this week had already increased concerns about a financial contagion spreading to other markets. Concerns about Credit Suisse’s current situation have only grown.
In a tweet, a well-known hedge fund manager Kyle Bass stated that Credit Suisse had less than three weeks to sell distressed assets to a stronger bank or risk going bankrupt. The Swiss National Bank, which regulates the nation’s financial sector, will be on guard after this disaster.
According to financial journalist Holger Zschaepitz, Credit Suisse’s decline has been nothing short of a freefall, with its default probability currently at a startling 47%. Additionally, credit spreads are soaring, a sign that investors are growing anxious about the bank’s future.
The world of finance appears to be facing yet another catastrophe, with the Swiss banking colossus on the point of collapse. Notably, the American Department of the Treasury closely observes the circumstances at Credit Suisse. Another significant government is supposedly urging the Swiss government to act in response to the current issue.
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