The banking crisis appears far from over as PacWest Bancorp tumbles more than 50% after hours on a report the lender is mulling the dreaded 'strategic options.' Bitcoin is catching a bid. $PACW $WAL $MCB SteveAlpher reports
Bitcoin was up on the news, rising more than 2% to $28,900 at press time.
The news on PacWest comes only days after First Republic Bank was taken over by the Federal Deposit Insurance Corp. and then sold at auction to JPMorgan . In a Monday morning call following the takeover,,"I think the banking system is very stable. ... This part of the crisis is over." Federal Reserve Chairman Jerome Powell had similar thoughts after the latest Federal Open Market Committee meeting Wednesday. Speaking after the central bank'sOther regional bank stocks have been moving lower on Thursday including Western Alliance Bancorp , down 28%, and Metropolitan Bank , down 19%.
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