Bitcoin Price Declines Amid JPMorgan, PNC’s First Republic Bank Buyout Bid

Also Read: Bitcoin’s Price Flashes Danger Sign, Massive Volatility Ahead?

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JPMorgan To Rescue First Republic Bank

According to reports, JPMorgan Chase & Co (JPM.N), PNC Financial Services Group (PNC.N) and Citizens Financial Group Inc (CFG.N) turned out to be one of the biggest bidders in the auction. It is expected that the FDIC will soon announce the deal and seizer of the collapsing bank.

Reuters reported that the U.S. watchdog attempted to revise the buyout bid in accordance with specific criteria. This included assets owned by the lender. Meanwhile, FDIC and FRC haven’t issued any comment on the situation.

However, the First Republic Bank Buyout deal comes in when the U.S. banking sector witnessed the collapse of Silicon Valley Bank and Signature Bank in a similar manner.

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