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In a significant regulatory move, the Pennsylvania Department of Banking and Securities has closed Republic First Bank, marking the first major U.S. bank collapse of 2024. The closure has sparked heated reactions within the cryptocurrency community, leading to a noticeable dip in Bitcoin, Ether, and other altcoins.
Crypto Market Reacts as Republic First Bank Faces Regulatory Shutdown
In a recent report by CoinGape, United States regulators have closed Philadelphia-based Republic First Bank, the country's first financial collapse in 2024. It has caused disagreement among the crypto community, with Bitcoin, Ether, and many altcoins falling somewhat in response to the news.
“Another bank just collapsed, the Republic First Bank. Yeah... I think I'll stick to Bitcoin,” CEO of Zesh Marius Martocsan stated in an April 26 post on X.
“Republic First Bank failure is worth a look since bank failures are the best possible narrative we can get for crypto,” pseudonymous crypto trader Pillage Capital claimed in an April 26 post on X.
“How many more need to fail before people start to be their own bank?” crypto commentator Randi Hipper asked her 87,100 X followers on April 26.
On April 26, the Pennsylvania Department of Banking and Securities seized Republic First, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. According to an FDIC announcement issued on April 26, the agency will take over nearly all of Republic Bank's depositors and assets.
Republic First to Reopen Under Fulton as Crypto Markets Continue Volatile Response
Republic First has about $6 billion in total assets and $4 billion in total deposits as of January 31. Furthermore, at the latest, the bank's 32 locations in New Jersey, Pennsylvania, and New York will reopen under Fulton Bank's cover by the beginning of next week.
Even reports of impending bank failures caused a brief increase in Bitcoin's price in 2023, although it has fallen slightly. According to CoinMarketCap, Bitcoin was down 1.16% in the last hour, trading at $62,715, and Ether was down 0.58%, trading at $3,095.
Meanwhile, altcoins have experienced a significantly bigger drop in the same period, with Dogecoin down 2.88% and Solana down 1.79%. According to FDIC data, the revelation comes after a difficult year for the banking industry, with five bank failures reported in the United States in 2023.
First Republic Bank, a distinct institution unrelated to Republic First, was acquired by JPMorgan in May 2023 after early recovery efforts failed.
The Federal Reserve announced the liquidation of Signature Bank in March 2023, citing "systemic risk" to protect the US economy.
It came just days after Silicon Valley Bank was ordered to close. A week earlier, Silvergate Bank, another crypto-friendly bank, announced it would close its doors and enter voluntary liquidation.
Photo: Microsoft Bing
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