Crypto could be enjoying some boost in price and adoption as the latest report from the Federal Deposit Insurance Corp. showed that deposits of about half a trillion dollars were removed from U.S. banks during the first three months of 2023, sending stocks tumbling.
The research appeared to revive concerns about the failures of Silicon Valley Bank, Signature Bank, and First Republic, which were precipitated in large part by the aggressive interest rate hikes implemented by the U.S. Federal Reserve.
On Wednesday, the 10 largest U.S. banks by market capitalization had their stock prices fall by at least 1 percentage point.
Unprecedented $472 Billion Bank Accounts Pulled Out
In the most recent quarter, depositors withdrew a record $472 billion, the fourth consecutive quarter of declining deposit totals, and the highest quarterly withdrawal total since the FDIC began recording the statistics in…
