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The Swiss National Bank has issued a response following the report on the collapse of Credit Suisse. This development highlights the ongoing concerns regarding the stability of financial institutions in the region. Further details can be obtained by contacting the provided email or phone numbers.
Dogecoin has experienced a significant decline of over 25% in the past two days, nearing critical support levels around $0.22076. Following the recent FOMC meeting, bearish sentiment in the crypto market has intensified, raising concerns about a potential drop below $0.20. Analysts suggest that if DOGE rebounds, it could target $0.40894 and $0.65557, indicating a possible 165% rally.
Inflation in the U.S. rose to 2.4% year-on-year in November, while month-on-month inflation slowed to 0.1%. Despite this uptick, the Federal Reserve cut interest rates by 25 basis points, with concerns about future inflation driven by potential tariffs under President-elect Trump. The Fed now anticipates inflation will not reach its 2% target until late 2026.
The PUK report reveals that Credit Suisse faced imminent insolvency, with its share value plummeting to zero, prompting urgent discussions among top officials about nationalization or a merger with UBS. Despite initial resistance from CS management regarding the proposed compensation, a takeover agreement was reached just hours later, averting a potential financial crisis.
An investigation by Swiss lawmakers revealed a culture of secrecy that contributed to the collapse of Credit Suisse in 2023. The report details how informal, undocumented meetings among officials led to confusion and a lack of preparedness, ultimately resulting in the bank's sale to UBS amid a financial crisis.
UBS acknowledges the Parliamentary Investigation Committee's report on Credit Suisse's collapse, attributing it to strategic missteps and mismanagement. The bank supports most proposals to enhance the financial center's resilience but insists on targeted and internationally coordinated regulatory adjustments. Meanwhile, the Swiss National Bank emphasizes the need for stronger regulations in capital, liquidity, and early intervention measures following the crisis. Former Finance Minister Ueli Maurer has yet to comment on the report, pending his review.
Switzerland's parliamentary report on the Credit Suisse collapse outlines 30 recommendations to prevent future crises, emphasizing the need for stricter regulations on systemically important banks like UBS, which now holds a dominant position. Key proposals include limiting executive bonuses during downturns, enhancing regulatory powers for FINMA, and establishing a public liquidity backstop to mitigate panic in financial emergencies. The report also calls for improved information sharing among government officials to ensure transparency during crises.
El Salvador has purchased 11 Bitcoin, valued at around $1 million, increasing its total holdings to nearly 5,981 BTC. This move follows a $1.4 billion financing deal with the IMF, which imposes limits on the country's crypto policies, including making Bitcoin acceptance voluntary and restricting tax payments to the U.S. dollar. Despite these conditions, the government remains committed to its Bitcoin strategy, with plans for continued purchases and maintaining Bitcoin as legal tender.
Ethereum prices plummeted over 20% from a peak of $4,100 earlier in the week, dropping to $3,260 amid a broader market selloff influenced by the Federal Reserve's cautious interest rate outlook. In contrast, Bitcoin fared slightly better, losing about 12% from its all-time high of $108,000, as higher rates limit liquidity in the crypto market.
XRP's price fell sharply below $2.20 amid a broader cryptocurrency market correction, with the global market cap down nearly 9%. Despite this decline, analysts remain optimistic, predicting potential rebounds to targets as high as $5, with some suggesting even greater peaks if a FOMO-driven rally occurs.
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