Bitcoin's Price Rise On Rumors of First Republic Bank Collapse
First Republic Bank Fears Collapse According to recent statements released by the financial institution, First Republic is attempting to unload between $50 billion and $100 billion in debt instruments as part of its “strategic options” to resolve the massive capital outflow. However, the White House is still concerned whether it has the bandwidth to find a way out from insolvency, as reports by Financial Times note that officials from the Biden Administration, the Federal Reserve, and the Treasury Department met with the bank’s top executives in the past few days. Read More: Binance Hits Snag As New China-Link Emerges; Are US Customers In Trouble? Moreover, according to reputed Fox journalist Charles Gasparino, bankers working at First Republic Bank claim that the government would take over the failing bank through “receivership” — similar to bankruptcy in the private sector — after the bank has exhausted all alternatives including asset sal...