Credit rating agency Moody’s downgraded several regional banks on Monday, and placed some of the nation’s top firms under review for potentially similar credit ratings cuts.

The lowered scores come as Bitcoin retested $30,000 on Tuesday, breaking out of a two-week lull period in which the asset failed to move 1% in either direction.

Officially downgraded banks included M&T Bank (MTB.N), Pinnacle Financial Partners (PNFP.O), Prosperity Bank, and BOK Financial Corp (BOKF.O). Eleven major lenders, including Capital One (COF.N), Citizens Financial (CFG.N), and Fifth Third Bancorp (FITB.O) were also downgraded.

Meanwhile, six banking giants were placed under review, including the Bank of New York Mellon (BK.N) – the sole institution holding the $26 billion backing Circle’s USDC stablecoin.

“Many banks’ second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s wrote in a Monday note, as reported by Reuters.

However maligned by decentralized finance advocates, institutional banking is a major factor in the health of the dig

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Author: Andrew Throuvalas

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