First Republic Bank stock halted amidst plunge: is this Bitcoin fault as well?

Quick Take

• First Republic Bank shares plunged during the opening bell of today’s trading session, 29% down.
• As banking risks stayed high, First Republic Bank saw $100 billion in deposit outflows.
• It seems First Republic Bank is being kept on life support as they received $30 billion from the largest lenders on Wall Street.
• The bank’s deposits fell by 40% in 22 days; the decline could have been as big as 57% if not for the rescue package.
• Furthermore, the bank expects to reduce its headcount by 20-25% in the next two months.
• The opinion was that the banking crisis was over. However, regional bank stocks (KRE) are trading at year-to-date lows.
• Bitcoin is up over 35% from the start of the banking collapse back in mid-march. Could another nose dive in the banking sector spur another rally for Bitcoin?

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