{"id":522864,"date":"2023-03-13T19:00:47","date_gmt":"2023-03-13T19:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=522864"},"modified":"2024-06-11T08:03:59","modified_gmt":"2024-06-11T08:03:59","slug":"bank-stocks-crash-as-bitcoin-soars-17-above-24000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bank-stocks-crash-as-bitcoin-soars-17-above-24000\/","title":{"rendered":"Bank Stocks Crash As Bitcoin Soars 17% Above $24,000"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The cryptocurrency market is volatile, and this week has been no exception. Yet, the financial sector has been more volatile recently, with bank stocks taking a big hit and Bitcoin (BTC) bouncing 17% above crucial resistance lines.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of March 13, top bank stocks were down double digits, posting deep losses, while BTC rose above $24,000.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bank Stocks Crash<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Interestingly, on March 6, Federal Reserve Chair Jerome Powell warned that while the central bank supports innovation, citizens must be cautious when exposed to crypto assets. Powell cited concerns over &#8220;fraud&#8221; and &#8220;lack of transparency&#8221; in the sector.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-btc-surges-above-24000-amid-us-bank-crash\/\">Bitcoin (BTC) Surges Above $24,000 Amid US Bank Crash<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Despite Powell&#8217;s comments about the crypto space, bank stocks have been the first casualties following last week&#8217;s collapse of the Silicon Valley Bank.\u00a0<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p><span data-preserver-spaces=\"true\">First Republic Bank, for example, recently announced that it had strengthened its liquidity position through diversification. But this move didn&#8217;t spare the bank&#8217;s stock from plummeting by 64% overnight.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN \ud83d\udea8 Bank stocks in pre-market trade:<\/p>\n<p>Western Alliance Bancorporation down 62%<\/p>\n<p>First Republic Bank down 64%<\/p>\n<p>PacWest Bancorp down 42%<\/p>\n<p>Charles Schwab down 8.52% <a href=\"https:\/\/t.co\/0uNPxAq72f\" rel=\"nofollow\">pic.twitter.com\/0uNPxAq72f<\/a><\/p>\n<p>&mdash; Insider Paper (@TheInsiderPaper) <a href=\"https:\/\/twitter.com\/TheInsiderPaper\/status\/83632896?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Other banks have seen similar losses. Western Alliance Bancorporation is down 62%, while PacWest Bancorp has posted a 42% dip in the same period. The contagion didn&#8217;t spare Charles Schwab, which offers financial services. Its stock is down 8.52%.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile, Bitcoin has surged 17% in the last trading day, marking a significant reversal of the multi-day decline trend since SVB and Silvergate&#8217;s collapse. Ethereum (ETH) increased by 15% in the past 24 hours.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of March 13, BTC and ETH are changing hands at $24,160 and $1,670, respectively.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/yIdcqvyS\/\" alt=\"Bitcoin Price On March 13| Source: BTCUSDT On Binance, TradingView\" width=\"1280\" height=\"595\"><figcaption class=\"wp-caption-text\">Bitcoin Price On March 13| Source: <a href=\"https:\/\/www.tradingview.com\/x\/yIdcqvyS\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">USDC Regains Its Peg<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Meanwhile, stablecoin USDC has retained its peg after slipping to as low as $0.88 on March 11. Technically, USDC is pegged to the US dollar, meaning its value should remain $1. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bulls-gain-strength-but-is-the-fed-really-forced-to-pivot\/\">Bitcoin Bulls Gain Strength, But Is The Fed Really Forced To Pivot?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">However, a sell-off of USDC caused its price to fall below the $1 peg after the issuer, Circle, said it had $3.3 billion of its reserves stuck in SVB.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.<\/p>\n<p>&mdash; Circle (@circle) <a href=\"https:\/\/twitter.com\/circle\/status\/88206592?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Major crypto centralized exchanges proceeded to halt the withdrawal of USDC, which proliferated concerns about the general stability of the cryptocurrency market.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.<\/p>\n<p>&mdash; Coinbase \ud83d\udee1\ufe0f (@coinbase) <a href=\"https:\/\/twitter.com\/coinbase\/status\/67307776?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Despite these concerns, Circle has since\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.circle.com\/en\/pressroom\/3.3-billion-of-usdc-reserve-risk-removed-dollar-de-peg-closes\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">released<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0details about the USDC reserve, stating that it is collateralized by 77% ($32.4B) with short-dated US Treasury bills. The remaining 23% ($9.7B) is held primarily at BNY Mellon.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Getty Images, Charts From TradingView.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency market is volatile, and this week has been no exception. Yet, the financial sector has been more volatile recently, with bank stocks taking a big hit and Bitcoin (BTC) bouncing 17% above crucial resistance lines.\u00a0 As of March 13, top bank stocks were down double digits, posting deep losses, while BTC rose above $24,000. Bank Stocks Crash Interestingly, on March 6, Federal Reserve Chair Jerome Powell warned that while the central bank supports innovation, citizens must be cautious when exposed to crypto assets. Powell cited concerns over &#8220;fraud&#8221; and &#8220;lack of transparency&#8221; in the sector. Related Reading: Bitcoin (BTC) Surges Above $24,000 Amid US Bank Crash Despite Powell&#8217;s comments about the crypto space, bank stocks have been the first casualties following last week&#8217;s collapse of the Silicon Valley Bank.\u00a0 First Republic Bank, for example, recently announced that it had strengthened its liquidity position through diversification. But this move didn&#8217;t spare the bank&#8217;s stock from plummeting by 64% overnight. JUST IN \ud83d\udea8 Bank stocks in pre-market trade: Western Alliance Bancorporation down 62% First Republic Bank down 64% PacWest Bancorp down 42% Charles Schwab down 8.52% pic.twitter.com\/0uNPxAq72f &mdash; Insider Paper (@TheInsiderPaper) March 13, 2023 Other banks have seen similar losses. Western Alliance Bancorporation is down 62%, while PacWest Bancorp has posted a 42% dip in the same period. The contagion didn&#8217;t spare Charles Schwab, which offers financial services. Its stock is down 8.52%. Meanwhile, Bitcoin has surged 17% in the last trading day, marking a significant reversal of the multi-day decline trend since SVB and Silvergate&#8217;s collapse. Ethereum (ETH) increased by 15% in the past 24 hours. As of March 13, BTC and ETH are changing hands at $24,160 and $1,670, respectively. USDC Regains Its Peg Meanwhile, stablecoin USDC has retained its peg after slipping to as low as $0.88 on March 11. Technically, USDC is pegged to the US dollar, meaning its value should remain $1. Related Reading: Bitcoin Bulls Gain Strength, But Is The Fed Really Forced To Pivot? However, a sell-off of USDC caused its price to fall below the $1 peg after the issuer, Circle, said it had $3.3 billion of its reserves stuck in SVB. 1\/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB. &mdash; Circle (@circle) March 11, 2023 Major crypto centralized exchanges proceeded to halt the withdrawal of USDC, which proliferated concerns about the general stability of the cryptocurrency market. We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions. &mdash; Coinbase \ud83d\udee1\ufe0f (@coinbase) March 11, 2023 Despite these concerns, Circle has since\u00a0released\u00a0details about the USDC reserve, stating that it is collateralized by 77% ($32.4B) with short-dated US Treasury bills. The remaining 23% ($9.7B) is held primarily at BNY Mellon. Feature Image From Getty Images, Charts From TradingView.<\/p>\n","protected":false},"author":384,"featured_media":522869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87977,428,1336,1946,87970,16680],"class_list":["post-522864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-stocks","tag-bitcoin","tag-circle","tag-ethereum","tag-silicon-valley-bank","tag-usdc"],"acf":[],"yoast_head":"\n<title>Bank Stocks Crash As Bitcoin Soars 17% Above $24,000<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading above $24,000, reversing losses, as bank stocks slump after Silicon Valley Bank (SVB) collapse.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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