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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Banking Crisis Redux: Bitcoin Priced In First Republic Bank Shares Rockets Higher

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read

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Bitcoin rallied earlier this year on the back of some of the biggest bank runs in decades. The banking sector crisis could be making a comeback, according to a second-leg up in BTC priced in First Republic Bank shares. Take a look below.

Bitcoin Priced In Banks Gets Another Leg Up

Several banks struggled to meet a sudden influx of depositors seeking to withdraw funds this past March. The crisis in the banking industry kickstarted a massive surge in Bitcoin price.

The top cryptocurrency soared relative to USD, but when priced in bank shares of the afflicted banks, the charts were simply breathtaking to see. Now, as shares of First Republic Bank plummet another 40% and more than $100 million in deposits flee the bank, BTC priced in bank shares is making another leg up.

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Priced in bank shares, BTC never made a second high in 2021. Later in March of this year, there is a massive breakout through downtrend resistance. Another leg up here could indicate that the issues across the banking industry aren’t over, and could even be escalating.

BTCUSD_FRC_2023-04-25_15-08-31

Another leg up against big banks | BTCUSD on TradingView.com

Why First Republic Bank Stock Shares Are Plummeting

First Republic Bank share price falling is the result of a negative first quarter earnings report. The bank revealed that across Q1, more than $100 million in deposits sought refuge elsewhere.

First Republic CEO Mike Roffler said the bank would be”pursuing strategic options” and “taking steps to meaningfully reduce our expenses to align with our focus on reducing the size of the balance sheet.” The steps include laying off up to a quarter of the workforce, slashing executive level salaries, and more.

Typically, companies will hold a Q&A session with analysts, but First Republic ended the call, bringing back painful memories of the 2008 financial crisis, Reuters reports.

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Bitcoin skyrocketing in bank shares isn’t due to BTC being in an unstoppable bull run, but due to extreme weakness in traditional financial institutions. The further shares fall, the higher the top cryptocurrency climbs.

Although this doesn’t directly related to a corresponding increase in USD value, the last time there were a string of bank runs, Bitcoin rallied by more than 40% in several days. What happens this time?

Bitcoin is making another leg up against #FirstRepublicBank pic.twitter.com/XNaaEUL4Aq

— Tony "The Bull" Severino, CMT (@tonythebullBTC) April 25, 2023

Follow @TonyTheBullBTC & @coinchartist_io on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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