Bitcoin Price Falls Amid JPMorgan, PNC’s First Republic Bank Buyout Bid
Bitcoin Price News: As the banking crisis spreads, U.S. financial regulators are reportedly working out the buyout deal for First Republic Bank (NYSE: FRC ) with three major banks. The Federal Deposit Insurance Corporation (FDIC) received several bids from JPMorgan Chase, PNC and Citizen on Sunday. However, Bitcoin (BTC) price recorded a decline as the deal ends.
Also Read: Bitcoin’s Price Flashing Danger Signs, Massive Volatility Ahead?
JPMorgan to save First Republic Bank
According to reports, JPMorgan Chase & Co ( JPM.N ), PNC Financial Services Group ( PNC.N ) and Citizens Financial Group Inc ( CFG.N ) emerged as one of the biggest bidders in the auction. It is expected that the FDIC will soon announce the agreement and seizure of the collapsing bank.
Reuters reported that the US watchdog sought to revise the buyout bid in accordance with specific criteria. This included assets owned by the lender. Meanwhile, the FDIC and FRC have not commented on the situation.
However, the First Republic Bank Buyout deal comes as the US banking sector witnessed the collapse of Silicon Valley Bank and Signature Bank in similar fashion.
Data shows the lender’s (NYSE: FRC ) share price has fallen 75% in the past week. However, the price has decreased by 97% in the last 6 months. The price is $3.51. Read more crypto news here…
BTC set to surge?
Bitcoin, the world’s largest crypto, recorded a massive surge as financial regulators rushed to bail out several collapsing banks. Bitcoin price increased by 21% in the last 60 days while managing to regain the long-awaited $30K level.
However, the BTC price has fallen by more than 2% in the last 24 hours. It trades at an average price of $28,478, at press time.
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