JPMorgan, PNC, and Citizen are reported to be among the top bidders for the buyout of First Republic Bank, as U.S. regulators work to contain the banking crisis. However, as the deal draws closer, Bitcoin's price has seen a decline. Over the past week, shares of First Republic Bank have plummeted by 75%, with its price down by 97% in the last six months. At the same time, Bitcoin's price gained by 21% in the last 60 days and managed to regain the $30,000 level. However, BTC's price dropped by more than 2% in the last 24 hours and is currently trading at an average price of $28,600.
It is unclear whether the decline in Bitcoin's price is directly related to the First Republic Bank buyout bid, but the timing is noteworthy. With the ongoing banking crisis, it remains to be seen how the buyout will impact the financial sector and Bitcoin's price in the long run.
