New York Community Bancorp Faces Stock Price Reduction Following Q4 DeFi Losses and Earnings Dip
New York Community Bancorp (NYCB), the acquirer of the troubled Signature Bank in 2023, experienced a decline in its stock price after recording a significant DeFi loss of $260 million in the fourth quarter, leading to reduced earnings.
Amid recent cryptocurrency attacks in Singapore, the Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) advised cryptocurrency users to consider utilizing hardware wallets for enhanced security.
As February, the month of love, kicks off, market trends take a bearish turn following the Federal Reserve meeting led by Jerome Powell. BTC is trading at $42,113, while the global cryptocurrency market cap stands at $1.69 trillion.
The cryptocurrency market experiences fluctuations influenced by various factors in February 2024. The stance of the US Federal Reserve on interest rate hikes plays a pivotal role in impacting market dynamics, leading to significant shifts in cryptocurrency values since December 2023. Despite challenges, the market continues to exhibit resilience and opportunities for traders.
While the market presents challenges, expectations for the year indicate interesting opportunities for traders, emphasizing the importance of staying informed about the evolving landscape. As February unfolds, traders will need to navigate these complexities to determine whether it proves to be a favorable or challenging month for digital currency trading.
Cryptocurrency Markets and Love – A Good or Bad Month for Trading?
Love month is here. How’s your portfolio, and, dare we ask, your love life? Try tackling both if you can. February trading begins on a bearish note after the Federal Reserve meeting. Both Bitcoin and alternative currencies see a dip in the market.
As of writing, the current value of Bitcoin (BTC) is $42,113.86, reflecting a 0.1% decrease from an hour ago and a 1.3% decline since yesterday. The Bitcoin value has risen by 5.3% from a week ago. The total 24-hour trading volume for Bitcoin is $25,864,008,818.
The global cryptocurrency market cap is $1.69 trillion, marking a change of -2.18% in the past 24 hours and 51.71% over the past year. Bitcoin’s market value is currently $826 billion, representing a 5.3% increase from a week ago. Stablecoins hold a market value of $137 billion, comprising 8.07% of the total cryptocurrency market cap.
DeFi Protocols Lose Millions to Exploitation
Web3 initiatives suffered a collective loss of $38.9 million due to exploits in major DeFi smart contracts and fraud. In January 2024, the top five smart contracts experiencing the most significant losses were Goledo Finance, Gamma Strategies, Radiant Capital, Wise Lending, and trac.
Singapore Police Urge Cryptocurrency Users to Resort to Hardware Wallets
The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) issued a recommendation for cryptocurrency users to turn to hardware wallets for safeguarding against wallet draining attacks. These attacks typically utilize phishing tactics, involving the compromise of popular social media accounts or sending fake emails to consumers from hijacked databases of major service providers.
The officials in Singapore called for the use of hardware wallets as a protective measure against wallet-draining attacks, among other steps. While advising cryptocurrency investors to conduct thorough research, the guidance also encourages Singaporeans to report any such incidents to authorities and cryptocurrency service providers.
ARK Invest’s 2023 Research Paper Highlights Bitcoin’s Superior Performance
ARK Invest’s 2023 research paper emphasizes Bitcoin’s historically superior performance over other mainstream assets and recommends allocating up to 19.4% of an institutional portfolio to maximize risk-adjusted returns. The paper showcases facts indicating that Bitcoin outperforms other traditional investment assets over longer periods. The average annual return for Bitcoin over the past seven years is 44%, compared to 5.7% for other mainstream assets.
New York Community Bancorp’s Stock Price Decline
The stock price of New York Community Bancorp (NYCB), which acquired the bankrupt Signature Bank in 2023, witnessed a decrease following a $260 million loss in the fourth quarter of 2023. Signature Bank was officially closed in March 2023 and was seized by the New York Department of Financial Services (NYDFS). After a week of the collapse, New York Central Bank acquired the non-crypto deposits and loans of the collapsed bank.
READ MORE VanEck Strategic Advisor Highlights Transformative Shifts in Bitcoin Market Dynamics
Following the acquisition of Signature Bank, NYCB’s stock rose to $9.19 on March 21 and reached its peak at $13.87 on July 31. However, recent sell-offs have eroded the stock’s gains from the Signature Bank acquisition. On January 31, New York Bank reported for the last three months of 2023, revealing a loss of $260 million in this quarter, compared to a profit of $164 million in the same period of 2022.
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