Crypto Market News: Even as yet another US regional bank PacWest Bancorp stock continues to drop, Pershing Square’s Bill Ackman is warning of further systemic risk in the US banking sector if quick corrective action is not taken. He said the banking system is at risk and the US regulators’ failure to improve insurance regime has “hammered more nails in the coffin,” a Bloomberg report quoted Ackman as saying. Meanwhile, the PacWest Bancorp stock is down by about 37% on Thursday, while the stock already lost over 42% value over the last five days.
Bill Ackman Warns Of Risk To All US Banks
According to latest remarks by Ackman, the next weakest bank, in the current case PacWest could fall prey to the domino effect, at the back of the recent collapse of First Republic Bank. He added that no regional bank can survive bad news or bad data, amid constant fall in stock prices.
The KBW Nasdaq Bank Index, a benchmark stock index of the banking sector, fell by over 5% over the last few days as the PacWest stock began to show signs of weakness.
Cardano Price need this Resistance Breakout to Trigger a New Recovery Rally; Is $0.5 Within Reach? 24/7 Cryptocurrency News This Bullish Pattern Can Pull Dogecoin Price Out of Market Correction and Trigger a 48% Move24/7 Cryptocurrency News Bullish Pattern Protects Solana Price Amid Market Correction; Is This the Right Time to Buy?24/7 Cryptocurrency News Ethereum Price Analysis: These Key Support Levels Drive Long-Term Bullish Outlook for ETH Price24/7 Cryptocurrency News Bitcoin Price Breakdown from Monthly Support Hints a Sharp 6% Fall to $25000; Buy this Dip?24/7 Cryptocurrency News
