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The <a href="https://crypto.news/fidelity-schwab-and-citadel-launch-new-institutional-crypto-exchange/" rel="noopener noreferrer nofollow">Charles Schwab Corp.</a> is experiencing a decline in customer deposits amid the rising interest rates in the U.S., while Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) is up by 50% year-over-year.
<h2 class="wp-block-heading" id="schwab-s-financial-odyssey">Schwab’s financial odyssey</h2>
Charles Schwab, recently <a href="https://finbold.com/bitcoin-skeptic-charles-schwab-bank-deposits-down-30-yoy-while-btc-is-up-50/" data-type="link" data-id="https://finbold.com/bitcoin-skeptic-charles-schwab-bank-deposits-down-30-yoy-while-btc-is-up-50/" target="_blank" rel="noopener noreferrer nofollow">spotlighted</a> 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 <a href="https://www.schwab.com/learn/story/cryptocurrencies-should-you-invest-them" data-type="link" data-id="https://www.schwab.com/learn/story/cryptocurrencies-should-you-invest-them" target="_blank" rel="noopener noreferrer nofollow">skepticism</a>, 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.&nbsp;Overall revenue hovered at around $4.61 billion — a 16.2% decrease from Q2.
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 BANK DEPOSITS OVER THE LAST 1 YEAR BMO UP 21% 📈 AMERICAN EXPRESS 20% 📈 SCOTIABANK UP 9% 📈 CIBC UP 4% 📈 RBC UP 3% 📈 JP MORGAN DOWN 1.2% 📉 CITI DOWN 2.5% 📉 GOLDMAN DOWN 2.5% 📉 TD DOWN 2.6% 📉 BANK OF AMERICA DOWN 3% 📉 WELLS FARGO DOWN 3% 📉 CHARLES SCHWAB DOWN 30% 📉— GURGAVIN (@gurgavin) <a href="https://twitter.com/gurgavin/status/1715408431870329263?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 20, 2023</a>
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You might also like: <a href="https://crypto.news/sec-chairman-gensler-confirms-ongoing-review-of-bitcoin-etfs/&nbsp; " rel="noopener noreferrer nofollow"> Sec chairman Gensler confirm ongoing review of Bitcoin ETFs </a>
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 <a href="https://www.tradingview.com/x/bNw24isL" target="_blank" rel="noopener noreferrer nofollow">trading</a> 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.&nbsp;
<h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis&nbsp;</h2>
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 <a href="https://crypto.news/grayscale-makes-new-attempt-for-spot-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">triggered</a> 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 <a href="https://www.cnbc.com/2023/08/17/bitcoin-abruptly-tumbles-9percent-to-just-over-26000-late-thursday.html" target="_blank" rel="noopener noreferrer nofollow">reports</a> revealing that SpaceX, Elon Musk’s space travel company, had devalued its Bitcoin holdings by $373 million in the previous year and 2021.
The <a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b" target="_blank" rel="noopener noreferrer nofollow">news</a> 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 <a href="https://www.cnn.com/2023/08/18/investing/bitcoin-price-drop-space-x-selloff/index.html" target="_blank" rel="noopener noreferrer nofollow">witnessed</a> a&nbsp;$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.
Read more: <a href="https://crypto.news/bitcoin-price-breaks-above-30000-mark/ " rel="noopener noreferrer nofollow"> Bitcoin price breaks above $30,000 mark </a>
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Schwab bank deposits down 30% YoY, Bitcoin up 50%

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