Dogecoin (DOGE) is now worth more than Credit Suisse

Dogecoin, a glorified parody of bitcoin, has trein in It was surpassed in terms of market capitalization, by the Swiss banking titan Credit Suisse.

Data from coin ranking site Coinmarketcap shows that Dogecoin is currently valued at $10 billion. For comparison, Credit Suisse’s market cap has faltered and is a mere $7.3 billion.

This intriguing development comes shortly after Credit Suisse disclosed “material weaknesses” in its financial reporting controls and client outflows in its annual report.

With Credit Suisse’s main backer, the Saudi National Bank, unable to provide further support due to regulatory hurdles, the bank’s share price dropped 25%, a new record low.

Earlier this week, the collapses of Silicon Valley Bank, Signature Bank and Silvergate Bank had already fueled fears of a financial contagion spreading to broader markets. Credit Suisse’s current predicament is only increasing those concerns.

Prominent hedge fund manager Kyle Bass tweeted that Credit Suisse had less than three weeks to sell the well-capitalized bank in distress or face bankruptcy.

This downturn will undoubtedly keep the Swiss National Bank, which oversees the country’s financial system, in check.

Credit Suisse’s decline has been nothing short of a freefall, with its default probability now at a staggering 47%, as reported by financial journalist Holger Zschapitz. Credit spreads are also rising, indicating that investors are becoming increasingly concerned about the bank’s future.

With the Swiss banking titan on the brink of implosion, the world of finance appears to be staring down the barrel of another crisis.

It is worth noting that the US Treasury Department is closely monitoring the situation at Credit Suisse.

A leading government report is reportedly urging the Swiss government to act in response to the ongoing crisis.

source: u.today