MORE CHAOS IN THE US BANKING SECTOR
The United States bank collapses are already bigger than the 2008 banking crisis collapses. These three banks combined had more assets than all 2008 collapses altogether. It was bought out by JP Morgan, the too-big-to-fail bank which received a guarantee from the FTDIC for 50 billion dollars in financing if they came into a deal. This is the government's way of getting to say they are not bailing out the bank and that it is just a private well-to-do corporate citizen named JP Morgan coming in to look for the little guy. I'm sure that the 50 billion dollars in incentives help to some degree but this is not more than a back-door bailout. There are letting JP Morgan do the bailout and giving the money in the back end.
It is no big surprise that Bitcoin has risen so much in popularity this year if the choice is between watching your banks collapse or putting your money with someone like JP Morgan or are the other too-big-to-fail banks. JP Morgan's chief investment officer has come out and said that it will be naive to think that First Republic Banks is the last victim. Although, MJ Morgan CEO Jamie Diamond said that part of the crisis is over, that the resolution of the first republic bank has largely ended the banking crisis, and that there were only so many banks off the side in this particular way. But there are more banks on the brink right now despite what Jamie Dimon is saying. Cross River Bank just received a letter from the FDIC claiming it has engaged in unsafe and unsound leading practices. This is very important because it's one of the last big crypto banks standing, it is the bank for both Coinbase and USDC parent company (Circle).