The US banking crisis is getting worse, with another bank on the verge of collapse. However, BTC reacted positively to the news with a 4% gain.
On April 24, the bank said it was exploring strategic options following its disclosure that it lost around $100 billion in deposits. However, analysts and investors appear to have already lost confidence in it.
Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell urged investors not to panic, stating they will support the banking system. In the first quarter, First Republic borrowed $92 billion, mostly from the Federal Reserve and government-backed lending groups. It has effectively replaced lost deposits with loans.JP Morgan ChaseFurthermore, bank executives did little to establish confidence during a conference call this week. Finance professor at New York University, Aswath Damodaran, commented, “This is a trust issue, as it is for any bank, and when trust is lost, money will flee.
However, the move may be short-lived as Bitcoin remains down 6.5% over the past week as crypto markets correct. The $28,000 price zone has now flipped from support to resistance.
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