First Republic Bank's deposit outflows cause stock plunge and Bitcoin surge.
TL;DR Summary
Bitcoin and ether rose by 8% and 6%, respectively, as concerns about the US banking sector resurfaced, with First Republic Bank struggling to avoid collapse. First Republic's troubles and rumours of its potential failure could be driving the cryptocurrency's price action again, according to Bitwise Asset Management's CIO, Matt Hougan. Bitcoin rallied 22% in March as the crisis among US regional banks opened investors' eyes to the diversity of bitcoin's narrative and particularly its potential uses as a hedge against uncertainty and as an alternative banking system.
- Bitcoin jumps 8% as First Republic pulls banking sector concerns back into focus CNBC
- First Republic hits all-time low: Stock plunges nearly 50% after big deposit drop CNBC Television
- Bankers’ pitch to save First Republic: Help us now, or pay more later when it fails CNBC
- First Republic Shows How Not to Bolster Confidence Bloomberg
- First Republic Bank's deposit outflows were worse than expected, says Wells Fargo's Jared Shaw CNBC Television
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