“Current Valuation Surpasses Credit Suisse”
As of 2023, the banking industry has already experienced three significant bank failures that have destabilized the financial sector. Credit Suisse Bank’s largest shareholder, the Saudi National Bank, declined to give extra financial support, causing the bank’s shares to reach a new record low. Credit Suisse has also asked the Swiss National Bank for public support amid the turmoil. Despite the financial chaos, cryptocurrency prices were on an upside trend. Dogecoin, a meme coin, has even surpassed Credit Suisse in market cap. According to CoinMarketCap data, Dogecoin’s market cap was $9.1 billion, while Credit Suisse’s had fallen to 6.78 billion CHF ($7.3 billion). The cryptocurrency market has been on a bullish rally over the last two days, with prices of major cryptocurrencies up and running when the banks were down.
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