Bitcoin once again broke through the support level of $30000 today. The value of BTC has also increased by 9% in the past 24 hours
Bitcoin once again broke through the support level of $30000 today. The value of BTC has also increased by 9% in the past 24 hours. BTC rose from a 24-hour low of $27217 to $30000 and then fell to the current price of $29903.
The sudden surge in Bitcoin value is mainly due to the First Republic Bank. The bank lost over 40% of its deposits and $72 billion in the first quarter of 2023. In addition, the bank is expected to be confiscated by the US government. Since yesterday, the stock price of First Republic Bank has also plummeted by nearly 50%.
The First Republic Bank Pushes Bitcoin Prices Up
The expectations of the US government taking over banks and the Federal Reserve injecting more funds into the market have helped Bitcoin prices rise significantly. FirstRepublicBank is expected to also fail, like some other banks that have recently failed. This includes SignatureBank and SiliconValleyBank.
During the recent collapse of Silicon Valley banks and other banks, the cryptocurrency market has also experienced a similar upward trajectory. History seems to be repeating itself, as the entire cryptocurrency market is trading in green. This rebound occurred after several days of bloodshed, with the value of major tokens significantly declining.
According to CoinMarketCap, the global cryptocurrency market value has also surged by 6.97%, reaching $1.23 trillion as of the time of publication. Upon careful observation of the prices of the top 100 tokens, it can be observed that almost all tokens show single digit and double digit increases.
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