More losses for First Republic Bank come as bets on $40,000 BTC surface.
followed as it briefly reclaimed the psychological line in the sand, capping 11% gains versus its local lows from April 24.to the rapidly-evolving next chapter of the U.S. banking crisis. This centered around First Republic Bank, which revealed a $100 billion reduction in deposits this week.
The U.S. government was reportedly uninterested in intervening on the day, according to a source cited by CNBC, as the bank’s stock, FRC, opened down another 22% before being halted for volatility. Weekly stock price losses thus totaled over 50%.If the government were to refuse a bailout of First Republic, he argued, it could set off a dangerous chain reaction of insolvencies.
“But if $FRC fails, and depositors take an L. Then every other bank with the same issues, will go under shortly thereafter. The entire US banking system suffers from the same issues,” part of a Twitter thread read. Hayes concluded that both Bitcoin and gold were chiefly benefitting from the lack of clarity and associated cold feet surrounding the bank’s fate and lawmakers’ next steps.First Republic Bank 1-day candle chart. Source: TradingViewBitcoin traders and analysts thus stayed confident on the overall uptrend continuing, regardless of any temporary consolidatory moves around the $30,000 mark.
“Sweeping the highs in quick succession. Similar price action as we saw on the way down where we had about a dozen of these before price properly broke down,” he
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