Quick Take

First Republic Bank shares plunged during the opening bell of today’s trading session, 29% down.
As banking risks stayed high, First Republic Bank saw $100 billion in deposit outflows.
It seems First Republic Bank is being kept on life support as they received $30 billion from the largest lenders on Wall Street.
The bank’s deposits fell by 40% in 22 days; the decline could have been as big as 57% if not for the rescue package.
Furthermore, the bank expects to reduce its headcount by 20-25% in the next two months.
The opinion was that the banking crisis was over. However, regional bank stocks (KRE) are trading at year-to-date lows.
Bitcoin is up over 35% from the start of the banking collapse back in mid-march. Could another nose dive in the banking sector spur another rally for Bitcoin?
First Republic Bank Share: (Source: Google)FRB: (Source: FRB earnings)KRE: (Source: TradingView)

The post First Republic Bank stock halted amidst plunge: is this Bitcoin fault as well? appeared first on CryptoSlate.

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Filed under: Bitcoin - @ April 25, 2023 5:09 pm