Bitcoin surges 10% to $30K amid protracted banking crisis

Bitcoin surges 10% to $30K amid protracted banking crisis

Bitcoin (BTC) has regained all previous losses from last week in no time. Last night, the price of Bitcoin started to rise, and today it accelerated further. With an overall increase of 9.6%, the psychological barrier of $30,000 has been reached again. At the time of writing, the price is trading at $29,600 and is up 8.5% in the past 24 hours.

Bitcoin is benefiting from the banking crisis

Amid all the turmoil in the US banking system, bitcoin managed to outperform the first three months of the year and was even the best performing asset in the first quarter. This morning, you can already read in the bitcoin news that BTC price has responded positively after fresh concerns about First Republic Bank emerged.

News came out yesterday that First Republic Bank customers withdrew more than $100 billion in the first quarter, which is 40.8% of the total. As a result, the bank has already announced that it will lay off 35% of its employees. Despite all the concerns, shares of FRC are down about 50% and are now down 93% from the start of the year.

With all the interest rate hikes by the US Federal Reserve, the central bank seems to have managed to rein in inflation, but it is clear that the US banking system is on the brink of collapse. As the Federal Open Market Committee (FOMC) approaches, the anticipation To increase the interest rate by 0.25% decreased from 90.5% to 77%. Next week we will hear about what the decision will be and what impact it will have on the price of Bitcoin.

See also  Stichting Brein Has 449 Illegal Websites And Service Taken Off In 2022 - IT Pro - News

The flexibility that BTC is currently offering once again shows that the asset is seen as a safe haven separate from the traditional financial system. With $233 billion in assets under management, First Republic is larger than the previously collapsed Silicon Valley Bank (SVB).

Monthly BTC Options

according to rising The momentum that Bitcoin, and therefore the entire crypto market, is having is BTC bulls Well positioned for $3.2 billion in monthly BTC options in April. Most likely, the winnings will be used for financing supports $28,000 with a current price above $29,000, so the expected outcome is particularly worrying for bear.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top