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Banking Crisis: The back to back collapse of several U.S. regional banks has jolted the global financial markets. Data depicts that after the Buyout of First Republic Bank by JPMorgan regional banking stocks extend the pain run on Wednesday. PacWest Bancorp (PACW • NASDAQ) stock prices declined around 12% in pre-market trading. However, the question remains the same will market see another bank run at the end of this week?
Also Read: FOMC, ECB: Bitcoin To Face Tough Week Ahead; Here’s Why
Who’s Next On The Bank Run?
JPMorgan Chase (JPM.N) reportedly stated that it would buy most of the troubled First Republic Bank (NYSE: FRC) assets. Instead of witnessing a relief rally, banking stocks registered heavy selling.
PacWest Bancorp’s declining share price caught the attention of investors. It slid by worrying 28% to a record low in the last session to trade at $6.55. However, PacWest share price has dropped by almost 45% in the last 5 days. Read More Banking Crisis News Here…
Also Read: Ripple Win Will Drag US SEC To Settle, Hints XRP Lawyer
Meanwhile, another major US regional bank Western Alliance Bancorp (NYSE: WAL) registered a drop of 15% to stand at the trading value of $30.93, marking itself on the list of possible bank run. However, its stock price has been on a decline over the past 6 months, plunging by 53%.
Banking stocks remained volatile as the market saw a fourth lender collapse in just 4 months into the year 2023.
The crypto market seems to be rejoicing in the ongoing banking crisis as its cumulative cap jumped by around 1.5% over the last day to stand at $1.18 trillion. Bitcoin (BTC), the biggest crypto price surged by 2% in the last 24 hours. However, BTC price has gained by 28% over the past 60 days. It is trading at an average price of $28,576, at the press time.
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