As RFB Becomes the First US Bank Failure in 2024, Reactions Rise from the Crypto Community

Crypto News – The first bank failure in the US in 2024 occurred when Republic First Bank (RFB), located in Philadelphia, was shut down by regulators.

As RFB Becomes the First US Bank Failure in 2024, Reactions Rise from the Crypto Community

The revelation has caused a stir in the cryptocurrency industry, with Bitcoin, Ether, and a few other cryptocurrencies experiencing modest declines.

Another bank just collapsed, the Republic First Bank. Yeah… I think I’ll stick to Bitcoin,

Marius Martocsan, CEO of Zesh

The Federal Deposit Insurance Corporation (FDIC) was designated as Republic First’s receiver following its seizure by the Pennsylvania Department of Banking and Securities on April 26. According to an FDIC statement released on April 26, the agency would assume almost all of Republic Bank’s deposits and purchase all of its assets.

Republic First Bank failure is worth a look since bank failures are the best possible narrative we can get for crypto,

a crypto trader Pillage Capital

Bitcoin and Ethereum Plummeted After the News

Additionally, by no later than the beginning of next week, the bank’s thirty-two branches located in New Jersey, Pennsylvania, and New York will reopen under the auspices of Fulton Bank. Even reports of potential bank failures in 2023 caused brief price rises for Bitcoin; yet, after the news, the cryptocurrency’s price somewhat decreased. According to CoinMarketCap data, throughout the last hour, Ether has down 0.28% to trade at $3,121, and Bitcoin has dropped 2.11% to trade at $62,838.