Bitcoin Price 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.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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