First Republic Bank Seized By FDIC, Sold To JPM – May 1

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,348

Bitcoin price has tumbled to the $28,000s over the weekend, following another failed run toward the elusive $30,000 level.

Top-20 altcoins are down across the board over the last 24 hours, as Ether falls 5%, BNB drops 1% and Tron is the sole exception with a 1% gain.

Top Stories for May 1, 2022 🔥

👉 First Republic Bank Seized By FDIC, Sold To JPM

First Republic Bank, with $229.1 billion in total assets, has been seized by federal regulators and sold to JPMorgan Chase after it reported losing 40% of its deposits in Q1.

The bank had been unable to stop the outflow of deposits, which was caused by rising interest rates and the failures of Silicon Valley Bank and Signature Bank. The intervention comes amid growing anxiety in the industry, with First Republic becoming the third major bank to go under in less than two months.

The FDIC estimates the cost of First Republic’s receivership will be about $13 billion.

👉 Gemini Warns Digital Currency Group Of $630M Default Risk

Digital Currency Group (DCG) risks defaulting on its obligations if it fails to pay the $630 million debt owed to bankrupt Genesis, according to Gemini, which is involved in a mediation process aimed at resolving the matter.

Two mediation meetings are scheduled before May 8, and DCG is expected to pay the bankruptcy estate between May 9 and 11. If DCG fails to do so, it could default on its obligations.

Gemini said it was supportive of the mediation process and working towards an agreement. A conference on the status of the matter with the court will be held on May 4.

👉 CoinMarketCap To Launch “Crypto Shark Tank” TV Show

CoinMarketCap has teamed up with Web3 entertainment company Hello Labs to release a reality TV competition show called “Killer Whales,” inspired by “Shark Tank.”

Entrepreneurs can pitch their projects to a panel of “Killer Whale” judges made up of Web3 entrepreneurs, influencers and founders. Applications can be submitted from May 2, and the show is set to be released on major streaming services and Hello Labs’ on-demand service.

The show is aimed at educating viewers on crypto and opening the door to the next billion users into Web3.