Tag Archives: Banks

Following increased regulatory action from the SEC and other local and global watchdogs, members of the crypto community have been worrying about the industry’s future relationship with the banking sector. Pivot to Europe in The Cards The restlessness surrounding future crypto regulation was amplified following the collapse of both Signature Bank and Silvergate Bank, both of which supplied much of the infrastructure needed to keep the crypto world tethered to the banking...

California lender PacWest Bancorp (PACW) fell over 20% on Thursday after the company revealed it had lost a significant portion of its deposits.  This follows a string of US regional bank failures this year that were preceded by similar red flags.  Depositors Flee From PacWest Per its quarterly report filed with the Securities and Exchange Commission, PacWest said its deposits declined by 9.5% last week – mostly occurring on May 4 and 5. This, according to the bank, was in...

Republican Senator John Kennedy of Louisiana called banks “sophisticated Ponzi schemes” while discussing the US banking crisis that’s claimed multiple crypto-supportive financial institutions in the past two months.  The politician also spoke on the state of inflation, which he believes the Federal Reserve will need to bring to at least 8% to cool down.  Banks Are Ponzi Schemes? In an interview with CNBC that aired in full on Friday, Kennedy stressed that banks “exist on the...

A Democratic presidential candidate is pushing against the growing anti-crypto sentiment within his party by blaming regulatory agencies’ “war on crypto” for various bank failures that transpired in March.  In recent days, environmental lawyer Robert Kennedy Jr. has spoken out against the Biden administration’s general handling of the ongoing banking crisis, opposing the bailout approach used by financial agencies.  The War on Crypto In a tweet on Tuesday, Kennedy backed an...

Now that 2023 has arrived, bitcoin has found fresh ground following the ongoing banking crisis that has led to the closure of institutions like Silvergate, Silicon Valley Bank, and Signature. Bitcoin Could Do Even Better Many analysts and crypto industry heads believe this banking crisis is going to continue now that Deutsche Bank is at the helm of controversy, and with heavy regulatory issues in play, bitcoin – they believe – could be poised for a solid breakout in the...

Another wave of banking fear swept the markets on Tuesday as stocks for PacWest, Western Alliance, and other financial institutions slid over 20% on the day.  This comes shortly after California financial watchdogs took control of First Republic Bank on Monday, of which 84 branches will reopen under JP Morgan Chase. Another Bank Stock Selloff The California-based PacWest Bancorp (PACW) saw its shares tank from $8.90 at 9:30 am ET on Monday down to just $5.50 by 11:10 am. It...

First Republic became another American bank to fail this year as all attempts to resuscitate the ailing platform fell short. The California Department of Financial Protection and Innovation (DFPI) has now taken possession of the First Republic Bank. The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver by the Californian financial regulator and even JPMorgan’s bid for the bank’s assets. The financial services company, in a press release, confirmed the...

Analysts at Bernstein Private Wealth Manager think the shaking banking system in the United States could benefit bitcoin adoption and potentially increase the price of the asset. The experts went further, advising people to invest in BTC, which could soon enter a new bull run due to the shaking condition of traditional finance. Weak Banks Could Pump BTC up Analysts Gautam Chhugani and Manas Agrawal believe the banking crisis in America could worsen in the future and suggested...

The shares of First Republic Bank have declined to a record low after the lender announced that depositors withdrew over $100 billion in the first quarter. It has been under massive pressure since a series of bank failures in the United States sparked fears of a wider crisis. The private-sector initiatives are being led by the First Republic Bank’s advisers but are yet to reach an agreement. US officials have now stepped in to coordinate urgent talks to rescue the commercial...

What’s really behind the sudden rise of bitcoin? The world’s number one digital currency has had a very successful 2023 thus far, spiking by as much as $12,000 in the last three months, but while it’s easy to assume that the asset is on the rise strictly because of banking failures in America, some analysts believe the truth is more complicated than that. Bitcoin Is Really Moving Up This Year Not long ago, bitcoin reached a new nine-month high of $28,000. While this...