Tuesday, May 30, 2023
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Pacwest Stock Plummets Over 35% Following Release of Q1 Earnings Report Amidst Turmoil in Banking Industry – Bitcoin News

Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit new lows. Banking Industry on Edge

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Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector – Bitcoin News

U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell

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Chair of EU Parliament’s Committee on Budgets Calls for Crypto Ban Amid Banking Turmoil – Regulation Bitcoin News

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value. Belgium’s Ex-Finance Minister Suggests Ban on Decentralized Digital Currencies Member of the

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Michael Burry Compares Current Banking Turmoil to Panic of 1907 — Highlights Markets Bottoming – Economics Bitcoin News

Michael Burry, a hedge fund manager renowned for predicting the 2008 financial crisis, has drawn parallels between the current banking turmoil and the Panic of 1907. He noted that three weeks after J.P. Morgan made a stand, the panic was resolved and the markets bottomed. “A stand was made this

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Blockchain.com Shutters Asset Management Subsidiary Amid Crypto Winter and Industry Turmoil – Bitcoin News

According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business. The Impact of Crypto Winter

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