Bitcoin soars as U.S. regional bank shares tumble following JPMorgan Chase's acquisition of First Republic
, the flagship cryptocurrency, spiked by 1.6%, reaching an intraday high of $28,621 on the Bitstamp exchange.
Shares of U.S. regional banks continued their downward trajectory on Tuesday. This has likely fueled Bitcoin’s most recent price rise. The KBW Regional Banking Index is last down 4.4% at press time due to by falling shares of PacWest Bancorp, Western Alliance Bancorp, KeyCorp, Comerica, and Zions Bancorp.
PacWest Bancorp saw its shares plummet by 16.4%, while Western Alliance Bancorp experienced a substantial 24.6% drop. Other regional banks experienced significant declines as well, with KeyCorp down 8.8%, Comerica down 8.9%, and Zions Bancorp down 7.3%. The decline in regional bank shares has raised concerns about the stability of the regional banking sector.
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