Switzerland Financial News

With Credit Suisse, investors just got their first, messy view of what happens when a big global bank fails in the post-2008 era.

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Bitcoin reaching levels not seen in about nine months. The largest digital asset topped $28,000 for the first time since June 2022, trading for as much as $28,258 on Sunday. Since the start of the year, Bitcoin’s price has risen almost 70%. Other digital assets rallied as well — with Ethereum up about 17% since the start of last week and so-called altcoins like Solana and Cardano advancing, too. Traders waded high levels of uncertainty last week in markets. US two-year yields fluctuated wildly, and the Cboe Volatility Index, the so-called fear gauge also known as the VIX, spiked above 30. But Bitcoin kept steadfast — and straight up. “Bitcoin is correlated with liquidity conditions and real rates. Real rates have declined, liquidity conditions have expanded, and it looks as if we’re entering a new regime,” said Ilan Solot, co-head of digital assets at Marex.

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Credit Suisse Group has told its bankers to reassure clients that it is business as usual, even as those same employees worry about job security after rival UBS agreed to buy the troubled Swiss bank.

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Shares of Credit Suisse and UBS led losses on the pan-European Stoxx 600 index on Monday morning, shortly after the latter secured a 3 billion Swiss franc ($3.2 billion) «emergency rescue» of its embattled domestic rival.

Credit Suisse, the Swiss banking giant that liked to live dangerously, has run out of road.

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The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S. dollar flowing amid a series of banking blowups in the U.S. and in Europe.

Bitcoin (BTC) price surged on March 19 to surpass the $28,000 zone, marking a 16% boost in value in the past 7-days, according to Cointelegraph's MarketPro data. 

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UBS Group doubled its initial offer and agreed to buy its competitor Credit Suisse for nearly $2 billion on March 19, in a historical deal for the two biggest banks in Switzerland, the Financial Times reported.

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A rescue plan for Swiss banking giant Credit Suisse may impose losses on its bondholders and even result in a full or partial nationalization of Credit Suisse Group AG, multiple reports revealed on March 19. 

Swiss banking giant UBS on Sunday offered to buy its embattled rival Credit Suisse for up to $1 billion, according to the Financial Times, citing four people with direct knowledge of the situation.

The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland's largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse.

As Bitcoin hits its highest level in nine months, many are wondering just how high the cryptocurrency can go. With a market cap of over $1 trillion and a surge in demand, as investors seek a safe haven amid economic uncertainty, Bitcoin's price has skyrocketed in recent months. 

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