Bitcoin Hovers Below $29,000 Amid US Regional Bank Stock Crash and Latest Fed Rate Hike

Bitcoin (BTC) is hovering below the $29,000 level as regional bank stocks in the US crash and the Federal Reserve announces new rate hikes. New data from the KBW Nasdaq Bank Index, which is designed to keep track of the performance of leading banks in the US, reveals that bank stocks have sharply declined since February and have dropped to a point they haven’t been in since late 2020. According to Charlie Bilello, the chief market strategist for financial services company Creative Planning, the issues aren’t going away as many regional bank stocks have plummeted this week. “The regional bank