The banking crisis does not appear to be over yet. PacWest Bancorp (PACW) shares fell more than 50% after the close on Wednesday after Bloomberg reported that the US-based lender is considering a number of strategic options.
Bitcoin (BTC) has been in the news, up more than 2% to $28,900 at press time.
The news about PacWest comes just days after First Republic Bank (FRC) was told by Federal Deposit Insurance Corp. (FDIC) and then auctioned off to JPMorgan (JPM). In a phone call Monday morning after the acquisition, JPMorgan CEO Jamie Dimon said: “I think the banking system is very stable. … That part of the crisis is over.”
Federal Reserve Chair Jerome Powell had similar thoughts after the Federal Open Market Committee’s recent meeting on Wednesday. After the tenth consecutive rate hike by the central bank, Powell said the banking system was “solid and resilient.”
Other regional bank stocks were down Thursday, including Western Alliance Bancorp (WAL) down 28% and Metropolitan Bank (MCB) down 19%.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.