NewsletterBitcoin Price To Correct This Week As US Bank Stocks Rebound?
Crypto News: The collapse of major US regional banks catapulted a huge shift in the crypto market dynamics over the last few weeks. According to latest reports, the sentiment around small US banks is starting to ease after depositors earlier flooded big banks after making withdrawals from smaller ones. CNBC reported that deposit outflows from small US banks to Wall Street banks like JP Morgan Chase and Wells Fargo showed some dip in last few days. Hence, will a complete trend reversal over the week mean some correction in crypto prices?
Also Read: Bitcoin Price At Risk Of Major Pullback; Banking Crisis Not Helping BTC?
Bank Stocks Positive
US Banks Open The KBW Nasdaq Bank Index, which tracks the leading public banks in the US, is up by around 3% today in reaction to additional support to its emergency landing program for regional banks. Bloomberg reported that the US authorities are looking to expand the program so that First Republic Bank gets more time to find balance amid market turbulence. Hence, shares of First Citizens Bancshares, a bank holding company that acquired Silicon Valley Bank, is up by 42%. Whereas share price of First Republic Bank went up by around 17%, showing a clear sign of rebound.
If Bitcoin price initial reaction to the rebounding of US bank stocks at market open on Monday were any indication, there could be some correction for the top cryptocurrency this week. US stocks broadly rose on Monday with Dow Jones up by 0.7% whereas S&P 500 Index went up by 0.6%.
Also Read: MicroStrategy Buys 6455 Bitcoin, Binance CEO Reacts
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