Amid a pullback in the crypto market, Dogecoin mining has surged, yielding three times the profits of Bitcoin, while Lunex Network emerges as a formidable competitor to Ethereum with its innovative DeFi solutions and crypto staking appeal. Ethereum faces a 10% dip as investors secure $2.5B in profits, raising questions about the future of the altcoin season.
The parliamentary commission of inquiry into the collapse of Credit Suisse, involving Basel politicians Maya Graf and Daniela Schneeberger, criticized the bank's management for significant errors and the Swiss Financial Market Supervisory Authority (Finma) for its inadequate intervention. Graf emphasized the need for stronger regulatory tools for Finma and improved cooperation among federal authorities to prevent future crises. The PUK report has been submitted to the Swiss Parliament for discussion in the upcoming spring session.
US equities stabilized as the S&P 500 dipped 0.1% to 5,867, while bond yields rose amid expectations for a gradual Federal Reserve easing cycle starting in 2025. UBS forecasts the S&P 500 reaching 6,600 by the end of next year, despite fewer anticipated rate cuts, and advises investors to focus on high-grade bonds and diversified income strategies.
UBS projects the S&P 500 to reach 6,600 by the end of next year, despite fewer anticipated Federal Reserve rate cuts, now expected to occur in June and September 2025. The Fed's decisions will depend on economic data, particularly labor and inflation trends, while UBS advises investors to focus on high-grade bonds and diversified income strategies.
DTX, a new DeFi coin, has raised over $10.2 million in its presale, attracting significant investor interest with over 300,000 wallet registrations. Currently priced at $0.12, DTX is expected to launch on major exchanges at $0.20, with experts predicting a potential 50x price increase during the next DeFi rally. DTX Exchange, offering exceptional transaction speeds and user-friendly asset management, is positioned as a leader in the upcoming DeFi market surge.
The ICC's report on the March 19, 2023, write-off of AT1 bonds, totaling 16 billion francs, has drawn criticism for its lack of accountability and failure to address misleading statements from Credit Suisse's management. Over 3,000 investors are still awaiting responses from the Federal Administrative Court regarding their appeals against Finma's decision, with many now looking to the U.S. justice system for recourse. Dario Item, a financial law expert, expressed disappointment in the ICC's superficial conclusions and the prolonged delays faced by investors.
BPCE, a major French banking group, is set to enter the cryptocurrency market in 2025 through its subsidiary Hexarq, which has secured PSAN authorization to operate in the digital asset sector. This initiative aims to meet rising customer demand for crypto services and enhance client loyalty within the Banque Populaire and Caisse d’Épargne networks.As France positions itself as a leader in crypto regulation with the upcoming MiCA framework, BPCE's move reflects a broader trend of traditional banks embracing digital assets. Hexarq will compete with established players like SG Forge, potentially setting a precedent for other institutions in the evolving financial landscape.
Credit Suisse's collapse in March 2023 was attributed to years of mismanagement, with the Parliamentary Commission of Inquiry highlighting the board's failure to heed regulatory warnings. While federal authorities were found to have shortcomings, they acted decisively to prevent a broader financial crisis during the UBS takeover. The report emphasizes the need for improved oversight and timely decision-making in the banking sector.
The Dow Jones Industrial Average surged nearly 400 points, reversing a 10-day losing streak, as investors reacted positively to a lower-than-expected inflation report, despite looming government shutdown concerns. Nvidia's stock attempted a recovery, while shares of Trump Media and Technology fell sharply after the president-elect moved shares to a revocable trust. FedEx initially soared over 20% on earnings but later declined, while Carnival's stock rose 3% following better-than-expected quarterly results.
US equities stabilized as the S&P 500 dipped 0.1% to 5,867, while 10-year Treasury yields rose to 4.57%. UBS forecasts the index to reach 6,600 by the end of next year, despite fewer anticipated Fed rate cuts, emphasizing a focus on high-grade bonds and diversified income strategies.
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