Can BTC Price Hold Above $30,000 With First Republic Bank’s Collapse?

Key Points:

• BTC price increased by 9% in the past 24 hours, reaching $30,000 before falling to $29,803.
• The rise is believed to be due to the loss of more than 40% of First Republic Bank’s deposits and the US government’s expected seizure of the bank.
• The global cryptocurrency market cap spiked by 6.62%, reaching $1.23 trillion at press time.

BTC price rose by 9% in 24 hours due to a potential US government takeover of First Republic Bank and market injections by the FED. The cryptocurrency market cap surged by 6.62%.

Bitcoin’s price has increased by 9% in the past 24 hours, rising from a low of $26,934 to $30,000 before dropping to its current price of $29,803.

This rise is believed to be primarily due to the recent loss of more than 40% of First Republic Bank’s deposits, amounting to $72 billion in Q1 2023, and the US government’s expected seizure of the bank. The stock price of First Republic Bank has also decreased by almost 50% since yesterday.

The possible imminent takeover of First Republic Bank by the US government, along with the potential for further market injections by the FED, appear to have played a role in the recent rise of Bitcoin’s value. First Republic Bank is expected to experience a fate similar to that of other failed banks, such as Signature Bank and Silicon Valley Bank.

The cryptocurrency market is trading in the green, with almost all of the top 100 coins exhibiting single- and double-digit gains. According to CoinMarketCap, the global cryptocurrency market cap spiked by 6.62%, reaching $1.228 trillion at press time.

While many investors are optimistic about the recent increase in Bitcoin’s value, it’s important to note that the market is volatile and can change rapidly. As always, it’s wise to do your research and invest carefully.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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