Bitcoin Price News: As the banking crisis spreads, U.S. financial regulators are reportedly working out the First Republic Bank (NYSE: FRC) buyout deal with three major banks. The Federal Deposit Insurance Corporation (FDIC) on Sunday received several bids from JPMorgan Chase, PNC, and Citizen. However, Bitcoin (BTC) price registered a decline as the deal closes in.
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According to reports, JPMorgan Chase & Co (JPM.N), PNC Financial Services Group (PNC.N) and Citizens Financial Group Inc (CFG.N) turned out to be one of the biggest bidders in the auction. It is expected that the FDIC will soon announce the deal and seizer of the collapsing bank.
Reuters reported that the U.S. watchdog attempted to revise the buyout bid in accordance with specific criteria. This included assets owned by the lender.
However, the First Republic Bank Buyout deal comes in when the U.S. banking sector witnessed the collapse of Silicon Valley Bank and Signature Bank in a similar manner.
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