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<ul> 
 <li>Around 63 US banks have $517 billion in unrealized losses in Q1 2024.</li> 
 <li>The first quarter saw an increase of $39 billion, reaching $517 billion, in unrealized losses.</li> 
</ul> 
Unrealized losses in the US banking industry totaling $517 billion were disclosed by the Federal Deposit Insurance Corporation (<a href="https://thenewscrypto.com/fdics-inspector-general-office-calls-for-crypto-risk-strategy-review/" target="_blank" rel="noreferrer noopener">FDIC</a>). Concerns regarding the stability of the US economy and financial sector have been sparked by the FDIC’s announcement that 63 banks are at risk of insolvency. 
A larger-than-expected drop in manufacturing activity was indicated by the ISM Manufacturing PMI, which came in at 48.7, lower than predictions of 49.6. As the possibility of interest rate reduction by the U.S. <a href="https://thenewscrypto.com/custodia-bank-files-appeal-after-court-ruling-on-federal-reserve-account-access/" target="_blank" rel="noreferrer noopener">Federal Reserve</a> grows in light of dismal industrial data, the price of Bitcoin surpassed $70,000 yesterday. 
<h3 class="wp-block-heading" id="h-under-tremendous-pressure">Under Tremendous Pressure</h3> 
U.S. banks and companies are still under tremendous pressure from the combination of rising interest rates and postponements in rate decreases. Banks, particularly regional banks, were already in a precarious position before the March 11th termination of the Bank Term Funding Program (<a href="https://www.federalreserve.gov/financial-stability/bank-term-funding-program.htm#:~:text=The%20Bank%20Term%20Funding%20Program,needs%20of%20all%20their%20depositors." target="_blank" rel="noreferrer noopener nofollow">BFTP</a>) by the Federal Reserve Board. 
Around 63 US banks have $517 billion in unrealized losses in Q1 2024, putting the US banking sector at severe risk of insolvency, according to the FDIC. 
The first quarter saw an increase of $39 billion, reaching $517 billion, in unrealized losses on assets that were available for sale and held to maturity. Unrealized losses have been abnormally high for nine straight quarters, dating back to when the U.S. Federal Reserve began hiking interest rates in 2022. 
Because of the potential for bank runs, the cryptocurrency market and the price of bitcoin are expected to have significant upward momentum. But since this is an election year, the Federal Reserve and the Treasury Department have likely measures prepared. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/dogecoin-attracts-whale-attention-amidst-market-fluctuations/" target="_blank" rel="noreferrer noopener">Dogecoin Attracts Whale Attention Amidst Market Fluctuations</a>

FDIC Reveals 63 US Banks at Risk of Insolvency, $517B in Unrealized Losses

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