While the Bitcoin (BTC) price fell back below $27,000 yesterday, the sudden drop in the share price of the American bank First Republic Bank yesterday caused the BTC price to rebound sharply to $30,000 today.
Indeed, the American bank First Republic Bank, under heavy pressure in March after the failure of several financial institutions, fell Monday by more than 20% after the close of Wall Street following its announcement of a melting of 41% of its deposits between the end of 2022 and the end of March 2023.
FRC is currently worth only 6.50 dollars compared to 143 dollars last February.
The panic has reached the financial markets which are in the red, waiting to know what the American central bank (FED) and the administration of Joe Biden will do to avoid the worst, a contagion to the rest of the American banking sector.
100 billion dollars were recently withdrawn by the customers of First Republic Bank, whose dramatic decline in its FRC share price illustrates the lack of confidence that reigns around the future of this bank in free fall.
First Republic Bank’s difficulties come on the heels of similar problems recently experienced by Silicon Valley Bank, Silvergate and Signature Bank which were closed, click here to read our article.
This uncertain banking environment is benefiting the Bitcoin price, which is recovering from what seemed like a more significant downward correction.
The Bitcoin price is currently rising and could continue to do so if the US banking crisis worsens in the days and weeks to come.
Image Source : Unsplash
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