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 <p class="is-style-lead">The Charles Schwab Corp. is experiencing a decline in customer <a rel="noopener noreferrer nofollow" title="deposits" href="https://thebittimes.com/tag/deposits.html">deposits</a> amid the rising interest rates in the U.S., while Bitcoin (BTC) is up by 50% year-over-year.</p>
 <h2 class="wp-block-heading" id="schwab-s-financial-odyssey">Schwab’s financial odyssey</h2>
 <p>Charles Schwab, recently spotlighted by Finbold, has experienced a notable decline in bank <a rel="noopener noreferrer nofollow" title="deposits" href="https://thebittimes.com/tag/deposits.html">deposits</a>, even as the price of BTC continues to rise significantly.</p>
 <p>The firm, known for its Bitcoin skepticism, reported disappointing third-quarter (Q3) results: consumer bank <a rel="noopener noreferrer nofollow" title="deposits" href="https://thebittimes.com/tag/deposits.html">deposits</a> saw a 28% year-on-year.</p>
 <p>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.</p>
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    <p lang="en" dir="ltr">BANK DEPOSITS OVER THE LAST 1 YEAR<br><br>BMO UP 21% <br>AMERICAN EXPRESS 20% <br><br>SCOTIABANK UP 9% <br>CIBC UP 4% <br>RBC UP 3% <br><br>JP MORGAN DOWN 1.2% <br>CITI DOWN 2.5% <br>GOLDMAN DOWN 2.5% <br>TD DOWN 2.6% <br>BANK OF AMERICA DOWN 3% <br>WELLS FARGO DOWN 3% <br><br>CHARLES SCHWAB DOWN 30%</p>— GURGAVIN (@gurgavin) October 20, 2023
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 <p>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.</p>
 <p>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.</p>
 <p>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;</p>
 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis&nbsp;</h2>
 <p>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.</p>
 <p>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.</p>
 <p>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.</p>
 <p>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.</p>
 <p>This sudden downturn had a domino effect, causing a market-wide slump, with major tokens like Litecoin plummeting by 14%.</p>
 <p>According to CoinGlass, a cryptocurrency trading platform, the market witnessed 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.</p>
 <p>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.</p>
 <p>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.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin price breaks above $30,000 mark
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/schwab-bank-deposits-down-30-yoy-bitcoin-up-50-tbt67269.html">https://thebittimes.com/schwab-bank-deposits-down-30-yoy-bitcoin-up-50-tbt67269.html</a></p>

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

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