As news spread that bad loans at U.S. regional banks had surged, financial jitters widened on Wall Street and cryptocurrencies fell across the board.
At 8:05 a.m. on the 17th, according to CoinMarketCap, a global cryptocurrency market tracker, Bitcoin was down 2.55% from 24 hours earlier at $107,888. Ethereum was down 2.25% at $3,872, and Ripple (XRP) was plunging 4.27% to $2.30.
On this day, shares of U.S. regional banks plunged across the board on the New York stock market as news of rising bad loans spread. Accordingly, the regional bank exchange-traded fund (ETF) fell 6.28%.
This came after Jamie Dimon, the JPMorgan Chase chief executive officer (CEO) known on Wall Street as the emperor, warned of weakness among small regional banks during an earnings release earlier this week in connection with the collapse of the midsize financial firm Tricalla Holdings, saying, "There are more cockroaches than we see."
As financial anxiety surged and financial stocks tumbled across the board, gold, the quintessential safe asset, rose quickly. As of this time on COMEX, where gold futures are transacted, gold futures were soaring 3.12% from the previous day to $4,332.90 per ounce. This is an all-time high. As gold futures spiked, cryptocurrencies, known as online gold, were falling across the board.