NewsletterBill Ackman: Time Running Out To Fix Further US Banks Collapse
Crypto Market News: Even as yet another US regional bank PacWest Bancorp stock continues to drop, Pershing Square’s Bill Ackman is warning of further systemic risk in the US banking sector if quick corrective action is not taken. He said the banking system is at risk and the US regulators’ failure to improve insurance regime has “hammered more nails in the coffin,” a Bloomberg report quoted Ackman as saying. Meanwhile, the PacWest Bancorp stock is down by about 37% on Thursday, while the stock already lost over 42% value over the last five days.
Also Read: Crypto-Friendly TD Bank Terminates Merger Deal With First Horizon Bank
Bill Ackman Warns Of Risk To All US Banks
According to latest remarks by Ackman, the next weakest bank, in the current case PacWest could fall prey to the domino effect, at the back of the recent collapse of First Republic Bank. He added that no regional bank can survive bad news or bad data, amid constant fall in stock prices.
“As each domino falls, the next weakest bank begins to wobble. We are running out of time to fix the problem, we need a systemwide deposit guarantee regime now.”
The KBW Nasdaq Bank Index, a benchmark stock index of the banking sector, fell by over 5% over the last few days as the PacWest stock began to show signs of weakness.
Also Read: Top Media Demands Court to Release Data of 9M FTX Customers
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Operation Choke Point: House Republicans Spotlight Biden Administration’s ‘Attack on Crypto’
- Polymarket Rival Kalshi Moves On-Chain With Launch of Tokenized Prediction Markets on Solana
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
