Browsing Tag
banking crisis
bitcoin: Has bitcoin benefited from the banking crisis? Not in the way its fans hoped
Shortly after Silicon Valley Bank failed this month, the price of bitcoin soared above $25,000, reaching a threshold the digital currency hadn’t touched since June. This week, bitcoin reached nearly $30,000, up 70% for the year.Bitcoin proponents seized on the price rise to argue that the banking crisis was prompting investors to convert traditional currencies into digital coins. One crypto executive hailed the bank failures as “the end of the USD and the dawn of hyperbitcoinization.” A company that markets bitcoin to…
Credit Suisse, the Risk-Taking Swiss Banking Giant, Succumbs to Crisis
Credit Suisse
CS -6.94%
Group AG, the Swiss banking giant that liked to live dangerously, has run out of road.The bank struck a deal this weekend to be bought by rival UBS Group AG after an uncontrolled slide in its stock and bonds. The agreement marks the end of 167 years as an independent institution, a humbling comedown for a bank that once went toe-to-toe with U.S. giants on Wall Street and boasted a market value greater than that of
Goldman…