According to reports, U.S. financial regulators are working on a buyout deal for First Republic Bank (NYSE: FRC) with three major banks, as the banking crisis spreads. On Sunday, the Federal Deposit Insurance Corporation (FDIC) received several bids from JPMorgan Chase, PNC, and Citizen. However, the price of Bitcoin (BTC) declined as the deal approached completion.
JPMorgan To Rescue First Republic Bank
Three major banks, JPMorgan Chase, PNC Financial Services Group, and Citizens Financial Group, emerged as top bidders in the auction for the struggling First Republic Bank, according to reports. It is expected that the Federal Deposit Insurance Corporation (FDIC) will soon announce the details of the deal and takeover of the failing bank. Reuters also reported that the FDIC attempted to revise the buyout bid based on certain criteria, including the lender's assets. However, neither the FDIC nor First Republic Bank has made any official comments on the matter.
The First Republic Bank Buyout deal comes at a time when the U.S. banking sector has already seen the collapse of Silicon Valley Bank and Signature Bank in a similar fashion.
Data shows that First Republic Bank's (NYSE: FRC) share price has fallen by 75% over the past week and by 97% in the last six months. As of now, the price stands at $3.51.
BTC Set To Surge？
As financial regulators were trying to rescue several collapsing banks, Bitcoin, the world's largest cryptocurrency, experienced a significant surge. Over the past 60 days, the price of Bitcoin has increased by 21%, and it has finally recovered the much-anticipated $30K level.
However, in the last 24 hours, BTC's price has dropped by over 2%, and it is currently trading at an average price of $28,478 at press time.
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