Crypto
Bitcoin, crypto companies rally amid regional bank concerns (Cryptocurrency:BTC-USD)
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Bitcoin (BTC-USD) jumped 3.5% on Friday to nearly $45,000, its highest since January 11 amid renewed concerns over the health of regional banks.
New York Community Bancorp is down 24% over the past five days as it seeks to offload risk related to a large portfolio of residential mortgages and add liquidity at its Flagstar Bank unit.
The regional bank is considering options including a synthetic risk transfer backed by a portfolio of $5B of home loans that were originated when interest rates were lower, Bloomberg reported on Wednesday, citing people familiar with the matter.
Ether (ETH-USD) rose 0.6%, cardano (ADA-USD) was up 7%, solana (SOL-USD) rose 5% and Ripple’s XRP (XRP-USD) increased 1%.
Crypto-related stocks rose in afternoon trading, with MicroStrategy (MSTR) up 12%, Coinbase Global (COIN) up 7%, Riot Platforms (RIOT) up 11%, Marathon Digital (MARA) up 15% and Hut 8 (HUT) up 7%.