Salvadoran Government Introduces Bitcoin Banking Law Reform

June 16, 2024 Bitcoin.com

Banks

The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector. The banking law reform introduced to the National Assembly would allow private investors to constitute banks that can provide services in Bitcoin and stablecoins for sophisticated investors Salvadoran Government Presents Bill to Allow Private […]

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JPMorgan Chase Captures 18% of US Bank Profits, Highlighting Growing Market Dominance

June 16, 2024 Bitcoin.com

banking sector

A report has found that JPMorgan Chase Bank accounted for a substantial 18% share, or $11.7 billion, of the total $64.2 billion net income reported by all FDIC-insured banks for the first quarter of 2024. This data, highlighted by financial reporters Pam Martens and Russ Martens from wallstreetonparade.com, underscores the increasing concentration of profits within […]

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$526,714,000,000 Bank Reveals Data Breach As Hacker Claims Personal Information of 65,000 Account Holders For Sale: Report

June 15, 2024 The Daily Hodl

bank

One of the largest banks in the US says it has suffered a security breach as a notorious hacker claims sensitive data on thousands of account holders is now for sale. North Carolina-based lender Truist Bank just confirmed its systems were breached in October, reports tech news site Bleeping Computer. The confirmation comes after the […]

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JPMorgan Chase Accused of Leaking Customers’ Personal Information and Social Security Numbers in Secret Facebook Transmissions: Class-Action Lawsuit

June 15, 2024 The Daily Hodl

bank

A new proposed class-action lawsuit accuses JPMorgan Chase of illegally sending sensitive personal information on its own customers directly to Facebook. In a complaint filed in the U.S. District Court for the Southern District of New York, plaintiff Daniel Onn alleges JPMorgan has violated the California Invasion of Privacy Act on a massive scale. According […]

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US Government Seizes $5,254,133 in JPMorgan Chase Bank Accounts, Alleges Funds Stolen in Sophisticated Scheme

June 15, 2024 The Daily Hodl

bank

The US Government has seized $5.25 million in six bank accounts at JPMorgan Chase, alleging the funds are the proceeds of a sophisticated fraud scheme. A complaint filed by the US Justice Department says the funds were stolen from a workers union in Massachusetts that was tricked into wiring millions of dollars directly to scammers. […]

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$24,315 Drained From Customers’ Bank Accounts After Employee at Major US Lender Goes Rogue: FDIC Report

June 13, 2024 The Daily Hodl

bank

The Federal Deposit Insurance Corporation (FDIC) says a former US bank employee has admitted to stealing thousands of dollars from customers’ accounts. The FDIC accuses Derrick Alan Smith of directly or indirectly violating laws and recklessly engaging in unsound and unsafe practices while working as a branch banker at the North Carolina-based lender Truist Bank. […]

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6 US Banks Face Moody’s Downgrade

June 10, 2024 Bitcoin.com

Banks

Moody’s has initiated a review for potential downgrades of six U.S. regional banks due to their considerable exposure to commercial real estate (CRE) loans. Moody’s Corporation, established in 1909 and recognized as one of the “Big Three” credit rating agencies along with Standard & Poor’s (S&P) and Fitch Ratings, specializes in providing credit ratings, research, […]

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JPMorgan Chase, Bank of America and Wells Fargo Customers Lose $456,000,000 in One Year To ‘Dirty Little Secret Called Zelle’: Senate Committee Chairman

June 8, 2024 The Daily Hodl

bank

JPMorgan Chase, Bank of America and Wells Fargo are failing to protect customers from hundreds of millions of dollars in scams and fraud per year, according to a US Senate panel. At a hearing held by the Permanent Subcommittee on Investigations, Democratic Senator and Chairman Richard Blumenthal said the banking giants’ customers submitted claims to […]

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Wells Fargo Employee Sells Customers’ Personal Information, Triggering $688,000 in Fraudulent Transactions: US Banking Regulator

June 8, 2024 The Daily Hodl

bank

A US regulator is banning a former Wells Fargo employee from the banking industry after she allegedly sold private customer information and triggered more than half a million dollars in fraudulent transactions. New filings from the U.S. Office of the Comptroller of the Currency (OCC) detail a consent order with ex-Wells Fargo employee Bathia Greene, […]

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63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K

June 5, 2024 Coin Telegraph

63 US banks on the brink of insolvency: Why Bitcoin’s next target is 0K

Banking Crisis

Bitcoin price may be closer to the big milestone $100,000 mark than many realize, as a looming banking crisis could see BTC become the new “safe haven asset.”

Bitcoin (BTC) could be on track to the psychological $100,000 mark as the “digital gold” narrative gains more prominence amind another banking crisis looming in the United States.

At least 63 U.S. banks were on the brink of insolvency in the first quarter of 2024, up from 52 banks on the “Problem Bank List” during the third quarter of 2023, according to the Federal Deposit Insurance Corporation’s (FDIC) quarterly report published on May 29.

Moreover, the banks are collectively sitting on $517 billion worth of unrealized losses, up $39 billion from the previous quarter. This marks the ninth consecutive month of “unusually high unrealized losses,” according to FDIC’s report, whi wrote:

Banks

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