Hassan Maishera
TL;DR
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Bitcoin is up by more than 5% in the last 24 hours, breaking past the $28k level.
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The rally is fueled by the recent struggles of First Republic Bank, which lost more than 40% of its deposits in the first quarter.
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The total crypto market cap is now close to the $1.2 trillion mark.
Bitcoin Breaks Its Losing Streak
Bitcoin, the world’s largest cryptocurrency by market cap, has surged past the $28k level over the past 24 hours. The rally comes after Bitcoin recorded losses in the last few days.
At press time, Bitcoin is trading above $28,700, up by more than 4% over the past 24 hours. The leading cryptocurrency could surge past the $29k resistance level in the near term if the rally continues.
The rally comes as fears grew that First Republic Bank is on the brink of collapse. The shares of the bank sunk to a new record low on Tuesday after the lender announced that depositors withdrew more than $100bn.
Investors are now fearing that the bank could collapse, following the recent failures of Silicon Valley Bank and Signature Bank. The San Francisco-based bank reported that it lost more than 40% of its deposits in the first quarter of the year. The event also saw the shares of other major banks in the United States, including JPMorgan Chase, Western Alliance Bancorporation, and Zions Bancorp, record losses.
Bitcoin is the winner from this, and it looks prime to rally past the $29k level over the next few hours.
