JP Morgan CEO Clarifies Plan Of Action For Banking Crisis; Bullish For Bitcoin?
Crypto Market News: Amid fear and uncertainty around US regional banking crisis, Jamie Dimon, the chief executive officer of JP Morgan, clarified about the Wall Street bank’s plan of action in the instance of further bank collapses in the United States. The clarification comes at a time when the US economy faces the danger of further bank collapses amid inflation concerns. Meanwhile, a lack of buyers for struggling regional banks would mean the US administration stepping up to mitigate the financial situation with emergency funding.
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Recent crypto market trends, however, showed that uncertainty in the banking sector was actually bullish for Bitcoin price as the top cryptocurrency’s existence is centered around avoiding dependence on centralized entities like the banks while performing transactions.
No Further Bank Purchases: JP Morgan CEO
When asked whether JPMorgan would acquire any more struggling banks, Dimon said it was unlikely, speaking during the JP Morgan’s annual shareholder meeting earlier on Tuesday. Recently, JP Morgan acquired First Republic Bank, in the backdrop of the failure of Silicon Valley Bank and Signature Bank.
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