Bitcoin Price News: Trading in a number of financial institution shares was on Monday halted as a result of elevated volatility in pre-market hours. This is resulting in a renewed bullish momentum within the crypto market. The transfer got here after these shares noticed huge selloff over contagion impact from the collapse of Silicon Valley Bank. Shares of the First Republic Bank fell round 66% whilst efforts are on to revive liquidity within the financial institution. Same was the case with the shares of banks like PacWest Bancorp and Zions Bancorporation, earlier than buying and selling was halted by exchanges. Meanwhile, the Bitcoin price continues to rise in response to the turmoil within the US monetary sector.
Also Read: Ripple Funds Stuck In Collapsed Silicon Valley Bank? Garlinghouse Replies
Earlier, CoinGape reported that HSBC Holdings had acquired the British subsidiary of Silicon Valley Bank. The transfer was facilitated by the help of the UK authorities and the Bank of England.
US Bank Stocks Continue To Face The Heat
The KBW Nasdaq Bank Index, which helps observe efficiency of the main US banks, fell sharply on Monday. The Index is down by round 13% on the day, whereas it misplaced a price of 25% in comparison with 5 days in the past. The identical was felt within the European markets because the EURO STOXX Banks Index fell almost 7%. With the fears of additional contagion from SVB collapse spreading, US inventory indexes fell.
The failure of Silicon Valley Bank and Signature Bank in the previous couple of days led to a disaster within the US monetary sector final week. Due to the excessive volatility, shares of Metropolitan Bank, Regions Financial Corporation, East West Bancorp and Western Alliance Bancorporation have been halted for buying and selling, as per Nasdaq’s present buying and selling halts portal. Meanwhile, the S&P 500 Index is down by round 0.33%.
Also Read: Shiba Inu (SHIB), Dogecoin (DOGE) Price Recovers As Bitcoin Price Regains $22k
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