The US regional bank ETF is now down 1.0% after opening modestly higher. The weakness in banks is spreading into broad indexes and is pulling down USD/JPY and other risk trades in FX.
The problem child today is Metropolitan Bank ($MCB) after shots targeted the bank and its relationships with Skrill. It also has ties to crypto firms and is the issuer of choice for prepaid debit cards from crypto firms, though in January it said it was moving away from crypto after getting caught up in Voyager losses.
It's a bank that's been in crosshairs since the start of the SVB panic because it's also an 'entrepreneurial' banks. Its shares are down 32% today.
