PacWest Bancorp, Other US Bank Stocks Drop Ahead Of FOMC

Also Read: Bitcoin (BTC) Transaction Fee Shoots to 3-Year High Hinting Strong Network Demand

advertisement

On Tuesday, May 2, 2023, traders wondered if PacWest Bancorp is the next bank to see a crisis as the bank’s stock price dropped 28% in the day. Meanwhile, pre-market figures on Wednesday indicated a continuing trend in the U.S. banking sector.

PacWest Bancorp Is Next?

While PacWest shares were the most to drop among bank stocks, another stock of Western Alliance fell around 15% on Tuesday. This sentiment continues even after JP Morgan CEO Jamie Dimon’s comments that the starting phase of the US banking crisis was behind us. What began as a lone collapse with Silvergate Capital spread to Silicon Valley Bank and First Republic Bank.

Meanwhile, the U.S. stock market would also take into account the U.S. Federal Reserve’s rate hike decision which is scheduled for later today, when the market opens. Also, Fed Chair Jerome Powell also might make a comment on the ongoing banking crisis.

Trending Stories
Cardano Price Prediction
Cardano Price Prediction: Bullish Pattern at Key Support Forecast 18% Rise in ADA Price; Enter Today?
24/7 Cryptocurrency News
Breaking: Binance Removes Shiba Inu, 1INCH, FXS, TWT From Innovation Zone
SHIB Price Prediction: Bearish Pattern Threatens Shiba Inu Price for 12% Fall; But There’s a Catch
24/7 Cryptocurrency News
XRP Price
XRP Price Analysis Hints 7% Drop Before Buyers Reboot Bullish Recovery; Buy This Dip?
24/7 Cryptocurrency News
memecoins
Missed Pepecoin Rally? Top 3 Memecoins That May Give 10x Returns
24/7 Cryptocurrency News
Ethereum Price
Ethereum Price Poised for 17.5% Fall If Buyers Lose this Key Support
24/7 Cryptocurrency News

Also Read: BitFlyer Penalized By New York Regulator For Violating Laws

Comments

Post a Comment

Popular posts from this blog

Latest Market Overview 10th Nov: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

Image
Bitcoin and Ether remain prominent leaders in the cryptocurrency markets, but there is a potential for a short-term decline. The news about BlackRock registering the iShares Ethereum Trust has raised expectations that the asset manager might eventually seek approval for an exchange-traded fund (ETF) focused on Ethereum (ETH). This positive development indicates that BlackRock’s interest in cryptocurrencies extends beyond Bitcoin (BTC). Market observers are becoming increasingly hopeful about the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission in 2024. James Seyffart, a research analyst at Bloomberg Intelligence, expressed optimism on X (formerly Twitter), suggesting there is still a 90% chance that the regulator will approve a spot Bitcoin ETF by Jan. 10 of the following year. Daily cryptocurrency market performance. Source: Coin360 Galaxy Digital founder Mike Novogratz believes that the approval of the Bitcoin ETF, fol...
Read more

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in an announcement. The incident resulted in the theft of digital assets belonging to the pool and its clients worth a combined total of $3 million. Chinese Authorities Launch Investigation Into Crypto Mining Pool Hack A subsidiary of the coin minting company Bit Mining has been targeted in a hacking attack , the company said in a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis. According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen. The cyber attack has been reported to law enforcement in Shenzhen, China on Dec. 23. The Chinese aut...
Read more

Creditors request BlockFi’s dissolution, accuse CEO of fraud and extortion

Image
Creditors of failed cryptocurrency lending platform BlockFi are seeking liquidation of the firm’s assets, citing allegations of fraud and misconduct against the company and its CEO, Zac Prince. The unfolding financial crisis at BlockFi, a former cryptocurrency lending institution, has entered a new chapter with its creditors petitioning for the company’s liquidation. Allegations of misconduct, including “ fraud , dishonesty, incompetence or gross mismanagement,” have been directed at the company and its CEO, Zac Prince. Furthermore, it is claimed that the bankruptcy resolution process is being intentionally delayed to buy time for the senior management to negotiate legal safeguards. blockfi creditor committee not mincing words here damn pic.twitter.com/dSc48bGUf4 — Spreek (@spreekaway) June 28, 2023 Details outlined in a document lodged at the New Jersey Bankruptcy Court earlier this week, suggest that BlockFi is exploiting this delay to negotiate i...
Read more