News

Just-In: Bitcoin Declines Amid JPMorgan, PNC’s First Republic Bank Buyout Bid

First Republic Bank Buyout deal comes in when the U.S. banking sector witnessed the collapse of Silicon Valley Bank and Signature Bank.
Published by
Just-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?

Advertisement

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…

Advertisement

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.

Advertisement

Share
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 ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows

The latest market data suggests that the BSC Meme Season may be coming to an…

October 22, 2025
  • News

ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana

Asset manager ProShares is seeking to establish a new crypto ETF tracking the CoinDesk 20…

October 22, 2025
  • News

Trump Says Meeting with China May Not Happen, Bitcoin Drops

U.S. President Donald Trump has cast doubts over his meeting with China's President Xi Jinping.…

October 21, 2025
  • News

The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013

Experts have indicated that a rotation might be occurring with investors moving from gold to…

October 21, 2025
  • News

Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill

Crypto and AI Czar David Sacks is set to meet with Republican members of the…

October 21, 2025
  • News

Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails

Federal Reserve Governor Chris Waller has floated the idea of a 'Payment account' framework that…

October 21, 2025