US banking system outlook downgraded to 'negative' following recent bank failures
Recent bank failures have highlighted the need for Blockchain-based cryptocurrency such as Bitcoin. Credit rating agency Moody's, has recent ly downgraded its outlook on the entire US banking system from "stable" to " negative ." The move comes in light of recent bank failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which has prompted regulators to intervene with a rescue plan for impacted depositors and institutions. Despite the downgrade, bank stocks rallied strongly, with the SPDR Bank exchange-traded fund rising nearly 6.5% in morning trade, NBC News reported. Moodys reportedly noted that an extended period of low rates combined with pandemic-related fiscal and monetary stimulus have complicated bank operations. Banks with substantial unrealized securities losses and non-retail and uninsured US depositors may still be at risk, according to Moody’s. Moody’s expects the US economy to fall into recession later this year, further pre...