The leading cryptocurrency, Bitcoin, has risen beyond the $30,000 threshold on the Bitstamp platform. The sharp decline in First Republic Bank share prices contributed to the abrupt spike.
The largest cryptocurrency in the world by market capitalization has increased 9.3% during the last day, according to statistics from CoinGecko.
The price of Ethereum, the second-largest cryptocurrency, increased by 7.7% over the same time period. The psychologically significant $2,000 barrier has not yet been reached by the second-largest cryptocurrency.
After First Republic Bank announced a more than $100 billion decline in deposits on April 25, its stock price fell by 50%. The organisation is increasingly being viewed by market players as a “zombie bank,” unable of fully competing but not in immediate risk of failing.
The major reason for Bitcoin’s remarkable Q1 gains was growing anxiety about the state of the banking industry. Whether its most recent surge will last is still up in the air.
