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Bitcoin First Republic Bank

Bitcoin About To Rally? US Govt Holds Urgent Bail-Out Talks For First Republic Bank

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Breaking News: As Reuters just reported, US officials are currently coordinating urgent talks to rescue the troubled First Republic Bank (FRC) – for Bitcoin, this could mean rally-time once again if history repeats itself as it has in recent weeks. Already on Tuesday, BTC experienced a sudden rally after First Republic Bank released its quarterly report with devastating numbers.

Thus, the narrative that first surfaced on March 10 repeated itself. After the collapse of Silicon Valley Bank and Silvergate, news of a bank failure served as a trigger for several upward moves in Bitcoin. And First Republic Bank could be another argument boosting confidence in Bitcoin and eroding trust in the banking system.

This Is Why Bitcoin Was Created

As private sector efforts led by the bank’s advisors have yet to produce an agreement, US officials have now apparently intervened in the situation surrounding First Republic Bank, Reuters reports. According to three anonymous sources, the Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are said to be involved in the talks.

Authorities reportedly began scheduling meetings with financial firms to organize a bailout in recent days. Remarkably, a bailout could again take place over the upcoming weekend to mitigate the impact on the traditional financial system.

Related Reading: Bitcoin Soars Above $29,000 M2 Money Supply Drops To 90-Year Low

According to Reuters’ anonymous sources, the government’s involvement is likely to help bring more parties to the negotiating table, including banks and private equity firms. However, the US government reportedly favors a deal with the private sector, but engagement is still not out of the question.

US officials believe a private-sector solution would be better than placing First Republic under FDIC receivership, according to two of the sources.

“We are in discussions with several parties about our strategic options as we continue to serve our customers,” First Republic said in a statement. Meanwhile, the FDIC, Treasury Department and Federal Reserve have remained silent.

Related Reading: These Are The Implications For Bitcoin When The US Debt Ceiling Is Raised

Ultimately, the parties involved have not made a decision on how to proceed. According to Reuters, an agreement is still not certain. The most problematic aspect of the involvement of other major banks may be the initial situation.

As shown in the quarterly report for the first quarter, the run on the bank was more dramatic than previously known. The bank had reported that customers had withdrawn nearly $100 billion in deposits in March. Only because other major banks stepped in with $30 billion in March, worse was prevented for the time being. But even that was not enough.

At press time, the Bitcoin price was at $29,454. Today marks the most important day of the week for the market with the release of the Personal Consumption Expenditures Price Index (PCE) at 8:30 am EST (2:30 pm CET).

February’s core PCE was +0.3% on a monthly basis, below the forecast of +0.4%. For March, analysts expect an unchanged increase of +0.3%. On a yearly (YoY) basis, an increase of 4.5% is expected, up from 4.6% in the previous month. If the core inflation rate falls, a bullish response in the Bitcoin market is expected.

Bitcoin price
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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