After reportedly experiencing internal control issues, New York Community Bank (NYCB) stock has plunged over 20%, hitting its lowest point in 27 years.

Amid NYCB stock decline, Bitcoin approaches its previous all-time highs.

NYCB Declines, Bitcoin Rises

The Kobeissi Letter reported that New York Community Bank is facing its lowest stock price since 1997.

“The weakness is reportedly related to loan review resulting from ineffective oversight and risk assessment.”

NYCB previously acquired Signature Bank, which collapsed during the regional banking crisis in March 2023.

Read more: Crypto vs. Stocks: Where To Invest Your Money in 2023

While many assumed that crypto was the cause due to its pro-crypto stance, the bank confirmed that it was not the case. In April 2024, NYDFS Superintendent Adrienne Harris confirmed that crypto was not the cause of the closure.

Federal regulators closed Signature

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Author: Ciaran Lyons

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