The Geneva-based private bank Mirabaud has faced significant upheaval, including the resignation of Yves Mirabaud from the Board of Directors amid a money laundering scandal linked to a deceased client, Robert Brockman. The bank has also discontinued its equity research and reshuffled its leadership, with Guillemot taking over as Chairman. Following sanctions from FINMA for serious violations of financial market law, Mirabaud is working to strengthen its governance and compliance measures.
Metaplanet is set to achieve its first operating profit in seven years, projecting 890 million Japanese yen ($5.8 million) in revenue for the fiscal year ending December 31, 2024, largely due to Bitcoin put options sales. The Tokyo-based investment firm, which has pivoted to Bitcoin as a treasury asset, plans to formalize Bitcoin accumulation and management as a new business line while continuing to leverage put options for revenue. With 1,142 Bitcoin valued at approximately $119.4 million, Metaplanet is now the second-largest corporate Bitcoin holder in Asia.
Wyoming Senator Cynthia Lummis has introduced the BITCOIN Act of 2024, aiming to establish a national Bitcoin reserve to enhance the U.S. dollar's global standing. The initiative seeks to accumulate 1 million Bitcoin over five years, funded by reallocating existing Federal Reserve assets. With Donald Trump’s administration poised to support this legislation, Lummis envisions a transformative impact on the nation's financial strategy.
Bitcoin has achieved a staggering 26,931% return over the past decade, significantly outperforming traditional assets like the S&P 500 (193.3%) and gold (125.8%). In 2024, it leads with a 129.0% year-to-date gain, despite its inherent volatility and dramatic price swings. Currently trading at $103,628.30, Bitcoin continues to captivate global investors as a transformative asset.
The Federal Reserve is expected to announce a 25-basis-point interest rate cut, lowering the federal funds rate to a range of 4.25% to 4.5%, marking the third consecutive reduction. This follows strong job growth and stable inflation data, although future cuts may be limited due to potential economic shifts under the incoming administration. Meanwhile, the crypto markets are experiencing volatility, with Bitcoin and Ethereum both seeing declines ahead of the Fed's decision.
Shiba Inu (SHIB) is testing key resistance levels at $0.000027, with analysts predicting a potential rally towards its all-time high of $0.00008845 if it breaks through. Chainlink (LINK) has shown resilience, gaining 13% over the week despite a recent dip, while Yeti Ouro (YETIO) has attracted attention with a 40% ROI in its presale, merging meme culture with real utility in gaming.
The Parliamentary Commission of Inquiry is set to release a report examining the actions of Swiss authorities leading to Credit Suisse's collapse and its emergency merger with UBS. The investigation, covering 2015 to 2023, will focus on regulatory failures rather than the bank's management mistakes, with potential consequences for current officials, particularly at FINMA. As pressure mounts for regulatory reforms, the report aims to prevent similar crises in the future.
The cryptocurrency market is currently chaotic, with traditional patterns failing to predict price trends. Bitcoin and Ethereum remain the only stable assets, while altcoins continue to struggle, leading to a loss of investor confidence. Without a balanced and transparent market, sustainable growth seems unlikely.
FTX's Chapter 11 reorganization plan will take effect on January 3, 2025, with initial payments to creditors expected within 60 days. The plan, which received strong creditor support, allows for recoveries averaging 119% of claims, with some receiving up to 140% in cash. Distribution will be facilitated by crypto custodians BitGo and Kraken, following the company's significant bankruptcy filing in late 2022 and the subsequent convictions of key executives.
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