First Republic Bank and other bank stocks rebound, Meta to lay off 10,000 employees, CPI in line with expectations as Bitcoin surpasses $26,000.

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Bank Stocks Rebound Across the Board

First Republic Bank faced concerns over its operations amid a series of bank closures, leading to a continuous decline in its stock price. However, following the FDIC's implementation of the BTFP plan to ensure the safety of Silicon Valley bank depositors, shares of First Republic Bank and other regional bank stocks surged significantly in pre-market trading. First Republic Bank opened with a 60% increase.

Meta Announces Layoffs of 10,000 Employees, Mark Zuckerberg: Improving Efficiency

Meta today announced a reduction in NFT integration in favor of focusing on Meta Pay. In Taiwan, they announced the restructuring and layoffs in the technology department by the end of April, followed by the business department in May. Overall, approximately 10,000 employees will be laid off, and 5,000 positions will be eliminated.

Meta CEO Mark Zuckerberg announced in an internal memo that the layoffs of 10,000 employees at Meta represent around 10% of the global workforce. Zuckerberg stated that this move aims to enhance company efficiency and strengthen product development capabilities. Meta will also increase investments and support areas that align with its strategic goals, such as artificial intelligence, virtual reality, metaverse, content creation, and digital payments.

Bitcoin Surpasses $26K

Tonight, the CPI index was released, showing a 6% year-on-year increase, in line with expectations; the probability of a rate hike increasing by one basis point significantly; as a result, the cryptocurrency market is expected to see a strong rally, with Bitcoin briefly surpassing the $26,000 level, marking a 16% surge in the past 24 hours. The market is currently meeting the positive expectations of the cryptocurrency market: "Bull Market Returns? Mainstream currencies surge across the board, positive news summarized for your reference."