Revolut has added Binance Coin (BNB) to its trading platform, a move announced by Binance CEO Changpeng Zhao, who expressed surprise at the listing. With a global user base of 40 million, one-third from the UK, Revolut continues to expand its cryptocurrency offerings alongside services like foreign exchange and international payments. The company, valued at $1.7 billion, has seen rapid growth, increasing from 1.2 million users in 2017 to 4.5 million currently.
Rexas Finance (RXS), priced at $0.15, is gaining attention as a potential altcoin contender, drawing parallels to Solana's 2021 growth. With a 400% increase in presale value and a focus on tokenizing real-world assets, it aims to revolutionize investment strategies in traditionally inaccessible markets. The project has raised over $28.7 million in presale, positioning itself for significant demand as it approaches major exchange listings.
Swiss lawmakers have called for stricter oversight of the financial sector following a report that attributed Credit Suisse's collapse to mismanagement and criticized regulatory responses. Meanwhile, UniCredit's CEO emphasized the need for deeper European banking integration to enhance economic growth, while US regulators face scrutiny over their handling of bank mergers, particularly regarding Capital One's proposed acquisition of Discover. In a separate development, Crédit Agricole has agreed to acquire Santander's stake in Caceis, gaining full control of the asset servicing entity.
Bitcoin (BTC) plummeted 14% in three days, dropping from over $108,000 to around $93,200, influenced by the Federal Reserve's inflation concerns. The meme coin market suffered a 20% decline, with major assets like DOGE and SHIB facing significant losses, while XRP hit a multi-day low of under $2, though optimism remains for a potential rally driven by key developments.
Coinbase has surpassed Nasdaq and the Hong Kong Stock Exchange in transaction revenue, generating $5.75 billion over the past year, though it still lags in trading volume. Despite a recent revenue dip to $1.2 billion in Q3 2024, analysts predict growth potential in international markets. CEO Mouloukou Sanoh anticipates Coinbase could become a leading global exchange in the next decade.
The PUK report on the Credit Suisse crisis reveals extensive mismanagement within the bank, leading to its merger with UBS for CHF 3 billion, backed by significant state guarantees. The investigation criticized regulatory bodies for inadequate oversight and the Federal Council for poor communication during the crisis, while ultimately endorsing the UBS acquisition as the best option to prevent a global financial disaster. The commission issued 20 recommendations and 11 motions aimed at improving banking regulations and oversight.
The Parliamentary Investigation Committee (PUK) has presented a report on the Credit Suisse crisis, highlighting years of mismanagement and regulatory failures that led to its emergency merger with UBS. The PUK will recommend measures to the Federal Council, which must respond by spring 2025, while UBS supports most proposals to enhance the financial center's resilience. The report criticizes the "too big to fail" legislation and the lack of effective supervisory tools during the crisis.
Solana has confirmed an uptrend with a bull flag breakout, targeting price levels of $320 and $340, supported by a key support/resistance flip. Meanwhile, Lunex Network has surged over 283% in its presale, aiming to create a non-custodial exchange platform for over 50,000 assets across 40+ blockchains, with significant growth in presale revenue.
Gold prices face potential decline below the $2,600 mark amid unease following the Fed's recent interest rate cut to 4.25-4.50%. Investor sentiment is dampened by uncertainty surrounding upcoming Trump policies and inflation trends, particularly as the PCE deflator data is anticipated. The market remains cautious as many investors have begun their holiday breaks.
IG
The Parliamentary Commission of Inquiry has released a detailed report on the emergency merger of Credit Suisse and UBS, attributing the crisis primarily to Credit Suisse's management. While the authorities' rapid response to stabilize the financial system is commended, the report calls for legal reforms to prevent future crises and emphasizes the need for enhanced monitoring and coordination among supervisory bodies to ensure the Swiss financial center's stability.

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