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New York Community Bancorp

Bitcoin Blasts To New Record High Against New York Community Bancorp

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
1 year ago
·
Posted in Banking Sector, Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

New York Community Bancorp, Inc. (NYSE: NYCB) shares plummeted by 45% today after a dividend cut and an unexpected loss on earnings. And as history has proven, when banks are bleeding, Bitcoin often is a beneficiary. This time is no different, with BTCUSD making new record highs against the NYCB stock price.

New York Community Bancorp Shares Suffer 45% One-Day Collapse

In March of 2023, Bitcoin made a huge move from its bottom range on the heels of a collapse in the banking system. Back then, Signature, Silicon Valley, and Silvergate each saw extensive bank failures. The shares of each bank sank ahead of the failures, tipping off the market that something was awry. Silvergate, in particular, was later acquired by New York Community Bancorp in the aftermath.

Related Reading: Altcoin Accumulation Is Nearly Over, According To This Schematic

Now it is New York Community Bancorp that saw its share tank by 45% in a powerful pre-market selloff. The selling pressure was driven by a 71% reduction in quarterly dividend payouts to shareholders, from $0.17 to $0.05. Two bad loans also added to a surprising earnings loss. The shares of other regional banks suffered as well.

A new record high against NYCB |  BTCUSD on TradingView.com

Bitcoin Sets New ATH Record Against Regional Bank

With more trouble hitting regional banks today, BTCUSD has made a new all-time high when priced in shares of NYCB. Considering the carnage in the traditional bank, this isn’t all that shocking. However, it is possibly a notable development. In the past, each time a new all-time high was made, Bitcoin kept making new highs month after month for roughly a full year.

If Bitcoin remains bullish for around a year, 2024 could prove to be one of the most interesting years for the cryptocurrency market ever.

Past ATHs led to a sustained bull run |  BTCUSD on TradingView.com

Another Victory For Satoshi Nakamoto

BTC was designed by Satoshi Nakamoto to allow individuals to opt out of the traditional banking system, which has been in trouble since the 2008 Great Financial Crisis. Hidden within the Genesis Block of the Bitcoin blockchain is a headline from The Times that reads “Chancellor on brink of second bailout for banks” in reference to a series of bailouts following the crisis.

Related Reading: This Super Sell Signal Stands In The Way Of The Bitcoin Bull Run

15 years later, Bitcoin was just approved for a spot ETF, enabling widespread mainstream access into the digital asset. If the banking system shows further weakness, wealth may continue to flow into the BTC market cap by the way of these new ETF wrappers.

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts 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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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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