Price news for bitcoin: U.S. financial regulators are apparently negotiating the First Republic Bank (NYSE: FRC) buyout agreement with three significant banks as the banking crisis deepens. JPMorgan Chase, PNC, and Citizen each submitted a number of proposals on Sunday to the Federal Deposit Insurance Corporation (FDIC). However, as the deal draws closer, the price of Bitcoin (BTC) fell.
JPMorgan First Republic Bank’s rescue
According to sources, the auction’s top bidders included JPMorgan Chase & Co. (JPM.N), PNC Financial Services Group (PNC.N), and Citizens Financial Group Inc. (CFG.N). The FDIC is anticipated to announce the agreement and takeover of the failing bank very soon.
According to Reuters, the American watchdog made an effort to modify the purchase offer in accordance with predetermined standards. This included things the lender owned. FDIC and FRC haven’t yet commented on the circumstance.
However, the First Republic Bank Buyout deal was announced as the American banking industry was witnessing the similar collapses of Silicon Valley Bank and Signature Bank.
The lender’s (NYSE: FRC) share price has fallen by 75% in the last week, according to data. However, over the past six months, the price has decreased by 97%. It costs $3.51 to buy.
BTC Expected To Rise?
The largest cryptocurrency in the world, Bitcoin, experienced a significant increase as banking regulators rushed to save numerous failing banks. The price of bitcoin increased by 21% during the previous 60 days, returning to the much-anticipated $30K mark.
However, over the past 24 hours, the price of BTC has decreased by more than 2%. As of the time of publication, it is trading for an average price of $28,478.
