Bitcoin, U.S. Stock Futures Erase Early Gains as First Republic Bank Tanks 50% in Premarket Trading

Risk assets erased early gains during the European hours as shares in San Francisco-based First Republic bank nosedived in premarket trading, reflecting continued investor angst over the banking sector's health.

• Bitcoin pulled back to $22,000, having nearly tested the 50-day simple moving average at $22,900 during the Asian hours.
• Futures tied to the S&P 500 fell from 3,971 to 3,887, reversing over a 1.5% gain. European stocks fell over 2%, with banking shares leading the way lower.
• First Republic Bank fell nearly 60% in premarket trading even as the bank said it secured additional funding through JPMorgan, giving it access to $70 billion in liquid funds.
• The German two-year government bond yield suffered the largest drop on record, signifying increased safe-haven buying and investors trimming expectations for European Central Bank rate hikes. Goldman Sachs revoked its forecast for next week's Federal Reserve rate hike, citing stress in the banking sector.
• U.S. authorities announced emergency measures on Sunday to boost confidence in the baking system after the failure of startups friendly Silicon Valley Bank.