Bitcoin
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$64,272.00 -0.9444
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Ethereum
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$3,439.45 0.19036
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BNB
BNB (BNB)
$573.58 -0.15299
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$164.73 3.40752
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$0.5575520 -5.00289
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$0.0000175 -6.67419
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$0.0000117 -1.55635
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$0.0000277 2.00801
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Bitcoin
Bitcoin (BTC)
$64,272.00 -0.9444
Bitcoin price
Ethereum
Ethereum (ETH)
$3,439.45 0.19036
Ethereum price
BNB
BNB (BNB)
$573.58 -0.15299
BNB price
Solana
Solana (SOL)
$164.73 3.40752
Solana price
XRP
XRP (XRP)
$0.5575520 -5.00289
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000175 -6.67419
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -1.55635
Pepe price
Bonk
Bonk (BONK)
$0.0000277 2.00801
Bonk price
Bitcoin
Bitcoin (BTC)
$64,272.00 -0.9444
Bitcoin price
Ethereum
Ethereum (ETH)
$3,439.45 0.19036
Ethereum price
BNB
BNB (BNB)
$573.58 -0.15299
BNB price
Solana
Solana (SOL)
$164.73 3.40752
Solana price
XRP
XRP (XRP)
$0.5575520 -5.00289
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000175 -6.67419
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -1.55635
Pepe price
Bonk
Bonk (BONK)
$0.0000277 2.00801
Bonk price
Bitcoin
Bitcoin (BTC)
$64,272.00 -0.9444
Bitcoin price
Ethereum
Ethereum (ETH)
$3,439.45 0.19036
Ethereum price
BNB
BNB (BNB)
$573.58 -0.15299
BNB price
Solana
Solana (SOL)
$164.73 3.40752
Solana price
XRP
XRP (XRP)
$0.5575520 -5.00289
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000175 -6.67419
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -1.55635
Pepe price
Bonk
Bonk (BONK)
$0.0000277 2.00801
Bonk price

Schwab bank deposits down 30% YoY, Bitcoin up 50%

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Schwab bank deposits down 30% YoY, Bitcoin up 50%

The Charles Schwab Corp. is experiencing a decline in customer deposits amid the rising interest rates in the U.S., while Bitcoin (BTC) is up by 50% year-over-year.

Schwab’s financial odyssey

Charles Schwab, recently spotlighted by Finbold, has experienced a notable decline in bank deposits, even as the price of BTC continues to rise significantly.

The firm, known for its Bitcoin skepticism, reported disappointing third-quarter (Q3) results: consumer bank deposits saw a 28% year-on-year.

Charles Schwab also recorded a 23.5% drop in net interest revenue. Overall revenue hovered at around $4.61 billion — a 16.2% decrease from Q2.

Charles Schwab’s stock has experienced a decline of over 25% in both the last quarter and the year-over-year period, contrasting Bitcoin’s positive price performance. The world’s largest cryptocurrency by market capitalization has surged by 55.5% since Oct. 21, 2022. It’s currently trading at $29,804 at the time of this update.

Presently, Charles Schwab, which trades under the ticker SCHW, is trading at $50.87 per share. That’s a drop from $68.19 per share three months ago and $68.26 per share on Oct 21, 2022.

Meanwhile, Charles Schwab’s CEO and Co-Chairman, Walter William Bettinger, expressed concern that the Federal Reserve’s measures, while curbing inflation, are coming at a substantial price for markets, consumers, investors, and companies like Schwab. 

Bitcoin price analysis 

Bitcoin is currently priced at $29,782.94, accompanied by a 24-hour trading volume of $11,336,554,361.46. This reflects a 0.72% price uptick in the last 24 hours and a notable 10.71% increase over the past seven days. With a circulating supply of 20 million BTC, Bitcoin’s market capitalization stands at more than $581.2 billion.

On Oct. 16, Bitcoin experienced a significant price surge, nearing $28,500. This rally was triggered by a U.S. court ruling in favor of Grayscale Investments against the SEC in their case, resulting in an upswing in Bitcoin’s value.

However, On Aug. 17, Bitcoin experienced a sharp 9% decline, plummeting to just over $26,000. This abrupt drop was triggered by reports revealing that SpaceX, Elon Musk’s space travel company, had devalued its Bitcoin holdings by $373 million in the previous year and 2021.

The news of SpaceX’s Bitcoin devaluation and subsequent sale caused widespread panic in the cryptocurrency market, leading to a massive sell-off not only in Bitcoin but also in other cryptocurrencies. The fall in Bitcoin’s price occurred hours after The Wall Street Journal disclosed that SpaceX had offloaded the virtual currency.

This sudden downturn had a domino effect, causing a market-wide slump, with major tokens like Litecoin plummeting by 14%.

According to CoinGlass, a cryptocurrency trading platform, the market witnessed a $1 billion reduction in cryptocurrencies over the past 24 hours, with Bitcoin accounting for nearly half of the losses. The sell-off was further exacerbated by concerns related to inflation and the potential for another interest rate hike by the US Federal Reserve.

Market experts and professional traders indicated that the sudden drop was likely a result of market structure and liquidations rather than a singular fundamental catalyst.

This incident underscored the inherent volatility of the cryptocurrency market and emphasized how news and events can significantly influence its value. Despite this turbulence, Bitcoin’s long-term potential is a transformative technology capable of revolutionizing various industries.