Bitcoin At $28,600 Despite Sale Of First Republic Bank To JP Morgan

After the Bitcoin price slipped below $28,500 late Sunday night (EST), the hoped-for bounce in response to the seizure of First Republic Bank (FRC) has failed to materialize. While recent bank failures have sparked an upward momentum for Bitcoin, the price is currently hovering around $28,600.

First Republic Sold To JP Morgan

Over the weekend, attempts were made to prevent a collapse of First Republic Bank. A few hours ago, the U.S. Deposit Insurance Corporation found a solution: JP Morgan Chase will buy FRC. The banking giant will take over the assets of First Republic Bank.

The California Department of Financial Protection and Innovation (DFPI) announced that the US deposit insurer Federal Deposit Insurance Corporation (FDIC) has accepted JPMorgan’s offer to take over the financially distressed regional bank. First Republic’s branches will reopen as JPMorgan Chase.

Remarkably, even U.S. law was set aside for this, as U.S. banks are not allowed to make acquisitions that would give them more than 10% of U.S. deposits. As The Kobeissi Letter wrote, JP Morgan already owned 16.1% of all U.S. bank deposits prior to the deal. Thus, the largest bank in the U.S. becomes even larger.

Prominent YouTuber DidYouKnowGaming was able to regain access to his YouTube channel, which an anonymous bad actor hacked to promote XRP XRP $0.46 cryptocurrency scamsWhile hacking into YouTube channels to promote scams has been a longstanding method of targeting unwary inves- tors, the number of creators on the platform reporting hacks has increased. Most recently, DidYouKnowGaming — a YouTuber with 2.4 million subscribers — warned his Twitter followers about a hack.

After gaining access to the account, the hacker changed the YouTuber’s profile and cover images to Ripple’s logo, as shown below.

YouTube’s swift intervention ensured damage control by preventing XRP hackers from interacting with the channel’s subscribers. Recently, one of the largest YouTube creators, Linus Tech Tips, also reported losing access to his channels.

While the exploit used by the hackers to gain access to YouTube accounts remains a mystery, the victim YouTubers have always been able to recover their accounts and deleted videos, if any.

The threat to crypto investors from such hacks is prominent, considering the rise of deepfakes, which are fake impersonation videos generated by artificial intelligence (AI) tools.