Credit Suisse IN TROUBLE
The banking situation has gotten more serious and crypto has dipped some today but, the major questionat the end is, will people come over from the financial sector to the crypto sector, now this time it’s not an American Bank it’s credit sues.
It is a kind of like a Swiss bank, but this one’s big it has over 1.6 trillion dollars in annual revenue and over 50 000 employees, it’s one of the big boys and they said, they had found material weaknesses in both their 2021 and 2022 Financial reports and people are basically selling them that that’s not surprising.
Since smaller Banks like svb had actually gone under so people are expecting that credit sues is going to have trouble their biggest backer The Saudi National Bank because of regulations can’t provide any more assistance and I think the fears are because.
It’s stock have plummeted to an all-time low I think, of two Swiss Francs would I buy it now probably not I mean, it is a good time to pick it up at a very low price and eventually like if it gets too bad I think, the government will step in and provide assistance.
But, right now they themselves are saying they are not looking at government assistance saying, they can probably get out of it themselves I don’t know, what material weaknesses means but it couldn’t mean that they are destroyed I’m not sure and that’s actually what’s causing the stock market to actually dump today over 600 points crypto has also dropped.
Basically since last night I streamed about 600 points as well, but crypto is generally a little bit more volatile and this does shake up financial confidence but, if more money actually started to flow into the crypto sector from the financial sector later, alts are taking a real beating, all down double digits.
That’s really not that surprising because, alts pretty much always go down more than Bitcoin, but at twenty-four thousand dollars, honestly, like a lot of these alts should be higher than what people think Bitcoin is faring better than the rest of all, BNB is definitely more stable than pretty much anything else for some odd reason.
I don’t really know why, but the thing is this could be a big collapse, if it actually did collapse. I don’t know how much financial trouble this bank is in; they should actually have money to backstop it, and I’m not really sure like how many people are trying to withdraw, and there is significant turmoil for our European lenders.
Other bigger banks like Society General Banco Sabadel and Commerce Bank might also have some trouble because they actually lent money to credit. Other banks including Uni Credit and other Italian Banks might have some trouble as well.
So this might be getting serious, especially in Europe. J.P. Morgan Bank of America does not seem to have much trouble right now, but these European Banks definitely are causing turmoil in the market. Basically, oil, which I think is also getting much, much cheaper, is good for inflation, and if that’s the way the FED wants to basically bring down inflation,
I suppose they’re going to achieve their goal but I’m not really sure what the FED is actually going to do next week because, right now things do not look good the Dow’s down over 700 points now 100 more points than what I just checked oil is down in the sixty dollars realistically oil should be like under two dollars right now at this particular price.
Hopefully it comes down really really fast and I do actually think you’re starting to see a little bit of deflation at this point and I do think that the FED is basically destroyed everything in order to bring down inflation and inflation is basically being brought down but the hard way the landing is going to be hard, don’t think it’s going to be a catastrophic collapse.
But the sell-off is gaining Steam and the thing is like you know, what I think crypto is going to fare better than the overall market for some reason but that’s just my opinion yes it’s going to be hurt but maybe some people will lose faith in the financial industry and then come over to crypto even, if crypto is volatile and maybe the financial regulations are going to start to favour it as more people come over.
