Sources have revealed that U.S. government officials are in talks to rescue First Republic Bank, a struggling financial institution. The discussions involve the U.S. Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, according to reports on Friday.
Market observers have been keeping a close eye on First Republic Bank since the collapse of three major banks in March. The bank disclosed earlier this month that it experienced $100 billion in withdrawals by customers in March, following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank. Additionally, 11 banks injected $30 billion into First Republic Bank to strengthen its reserves.
On Friday, Reuters reported that the U.S. government is coordinating with the bank’s advisers to possibly save First Republic Bank, as talks led by the advisers have yet to reach a deal in the private-sector. This development comes after rumors emerged three days earlier that the bank would enter federal receivership. According to Reuters reporters Nupur Anand, Andrea Shalal, and Greg Roumeliotis, three sources familiar with the situation say:
U.S. officials are coordinating urgent talks to rescue First Republic Bank.
The Reuters report notes that two sources have revealed that executives from First Republic Bank are actively searching for a rescue deal, and U.S. officials are of the opinion that a private-sector agreement would be “preferable.” The collapse of First Republic Bank, the 14th largest bank in the U.S., could lead to further contagion in the banking sector. Moreover, the U.S. central bank is set to release a post-mortem on Silicon Valley Bank this afternoon.
“We are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients,” First Republic said in a statement to Reuters.
What do you think the potential impact of a First Republic Bank collapse would be on the broader banking sector? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Michael Vi / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Sources have revealed that U.S. government officials are in talks to rescue First Republic Bank, a struggling financial institution. The discussions involve the U.S. Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, according to reports on Friday.
Market observers have been keeping a close eye on First Republic Bank since the collapse of three major banks in March. The bank disclosed earlier this month that it experienced $100 billion in withdrawals by customers in March, following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank. Additionally, 11 banks injected $30 billion into First Republic Bank to strengthen its reserves.
On Friday, Reuters reported that the U.S. government is coordinating with the bank’s advisers to possibly save First Republic Bank, as talks led by the advisers have yet to reach a deal in the private-sector. This development comes after rumors emerged three days earlier that the bank would enter federal receivership. According to Reuters reporters Nupur Anand, Andrea Shalal, and Greg Roumeliotis, three sources familiar with the situation say:
U.S. officials are coordinating urgent talks to rescue First Republic Bank.
The Reuters report notes that two sources have revealed that executives from First Republic Bank are actively searching for a rescue deal, and U.S. officials are of the opinion that a private-sector agreement would be “preferable.” The collapse of First Republic Bank, the 14th largest bank in the U.S., could lead to further contagion in the banking sector. Moreover, the U.S. central bank is set to release a post-mortem on Silicon Valley Bank this afternoon.
“We are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients,” First Republic said in a statement to Reuters.
What do you think the potential impact of a First Republic Bank collapse would be on the broader banking sector? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Michael Vi / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
As of April 28, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain has exceeded 2 million, according to current statistics. This milestone has been reached within just over four months since the first Ordinal inscription was minted on December 16, 2022, at block height 767,753. In total, inscription minting fees have amounted to 196.22 bitcoin, equivalent to $5.78 million.
The trend of Ordinal inscriptions on the Bitcoin blockchain continues to grow, with over 2,116,396 inscriptions discovered at the time of writing. These inscriptions are composed of various formats such as text, video, images, applications, and audio.
Dune Analytics statistics reveal that 67.6% of all inscriptions are in text form, while 22.6% are images in the form of JPG or PNG files. Moreover, more than 13,000 Ordinal inscriptions include an application, and over 6,000 image inscriptions are animated. There are several collections of Ordinal inscriptions that have gained popularity and have established floor values and weekly trade volumes.
![Bitcoin Blockchain Surpasses 2 Million Ordinal Inscriptions Milestone in Just Over 4 Months]( "Bitcoin Blockchain Surpasses 2 Million Ordinal Inscriptions Milestone in Just Over 4 Months")
According to data from ordinalswallet.com, the highest trade volume this week was observed for Clay Pepes, with 4.57 BTC or $134,082 in seven-day trade volume. The collections following Clay Pepes in terms of trade volume are Sub-100K, Bitcoin Punks, Pixel Pepes, Sub-10K, and BTC Machines, respectively. While the Ordinal inscription trend surpassed 2 million inscriptions, it coincided with the discovery of a bug that resulted in the orphaning of 1,200 inscriptions from the index.
Leonidas.og, a historian of non-fungible tokens (NFTs), explained that the orphaned inscriptions occurred just before inscription number 420,285. “The bug was caused by the ordinals protocol only counting inscriptions that were in the first input of a transaction,” the NFT historian added. Furthermore, even with the introduction of new blockchain features such as Bitcoin Stamps and Litecoin-based Ordinal inscriptions, the trend of BTC-based Ordinal inscriptions has not been affected.
Currently, there are just over 18,500 stamps on the Bitcoin blockchain since the project’s inception. On the other hand, Litecoin Ordinal inscriptions have seen more activity with 224,060 inscriptions, but the trend of LTC-based inscriptions has slowed down in recent times. Despite the introduction of these new features, the popularity of Ordinal inscriptions continues to grow, indicating a strong and resilient market for this type of digital collectible scheme.
What do you think the future holds for the Ordinal inscription trend on the Bitcoin blockchain? Will we see continued growth in popularity, or will it eventually plateau? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Source From : News