NewsletterJust-In: Bitcoin Declines Amid JPMorgan, PNC’s First Republic Bank Buyout Bid
Bitcoin Price News: As the banking crisis spreads, U.S. financial regulators are reportedly working out the First Republic Bank (NYSE: FRC) buyout deal with three major banks. The Federal Deposit Insurance Corporation (FDIC) on Sunday received several bids from JPMorgan Chase, PNC, and Citizen. However, Bitcoin (BTC) price registered a decline as the deal closes in.
Also Read: Bitcoin’s Price Flashes Danger Sign, Massive Volatility Ahead?
JPMorgan To Rescue First Republic Bank
According to reports, JPMorgan Chase & Co (JPM.N), PNC Financial Services Group (PNC.N) and Citizens Financial Group Inc (CFG.N) turned out to be one of the biggest bidders in the auction. It is expected that the FDIC will soon announce the deal and seizer of the collapsing bank.
Reuters reported that the U.S. watchdog attempted to revise the buyout bid in accordance with specific criteria. This included assets owned by the lender. Meanwhile, FDIC and FRC haven’t issued any comment on the situation.
However, the First Republic Bank Buyout deal comes in when the U.S. banking sector witnessed the collapse of Silicon Valley Bank and Signature Bank in a similar manner.
Data depicts that the lender’s (NYSE: FRC) share price has dropped by 75% over the past week. However, its price is down by 97% in the last 6 months. Its price stands at $3.51. Read More Crypto News Here…
BTC Set To Surge?
Bitcoin, the world’s largest crypto registered a massive surge when the financial regulators were rushing to rescue several collapsing banks. Bitcoin price gained by 21% in the last 60 days while it managed to regain the much anticipated $30K level.
However, BTC price have dropped by more than 2% in the last 24 hours. It is trading at an average price of $28,478, at the press time.
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
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Hyperliquid Rival Lighter Raises $68 Million at $1.5 Billion Valuation
- $37B Bank SoFi Launches Crypto Trading For Retail Customers
- China’s CVERC Accuses U.S. of Stealing 127k Bitcoin Amid Rising Government Crypto Adoption
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
- SUI Price Prediction: Analyst Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
- HBAR Price Prediction: Analyst Eyes 90% Surge Amid Taker Buy Dominance
