First Republic Bank dives another 20% with Bitcoin ‘ready for $40K’

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Bitcoin (BTC) tagged $30,000 at Wall Street opening on April 26th.

Hayes: ‘Uncertainty’ Is Driving BTC Price, Gold

Cointelegraph Markets Pro and TradingView It then briefly regained its psychological line in the sand, capping an 11% rise against local lows on April 24.

The pair continued to react aggressively to the next chapter of the rapidly developing US banking crisis. This was centered on First Republic Bank, which revealed a $100 billion drop in deposits this week.

The US government was reportedly uninterested in intervening that day, and the bank’s stock, the FRC, dropped another 22% before being halted due to volatility, according to sources cited by CNBC. Thus, weekly stock losses totaled him over 50%.

RespondingArthur Hayes, former CEO of crypto derivatives exchange BitMEX, smelled blood.

If the government refused to bail out the First Republic, he argued, it could set off a dangerous chain reaction of bankruptcies.

“But if the FRC fails and depositors get an L, all other banks with the same problem will fail soon afterward. The entire US banking system suffers from the same problem. ‘, read one of the Twitter threads.

Hayes concluded that both Bitcoin and gold have largely benefited from the lack of clarity and associated coolness surrounding the bank’s fate and lawmakers’ next steps.

“This uncertainty is what drives external money like gold and BTC,” he said.

$40,000 Bitcoin Price Coming In?

Bitcoin traders and analysts were therefore confident that the overall uptrend would continue regardless of the temporary consolidation move near $30,000.

RELATED: Bitcoin Hits $3 Million As BTC Bulls Are Well-Positioned For Weekly $3.2 Billion Option Expires

“The key breaker was $27,800, not $28,800,” recalled Michael van de Poppe, founder and CEO of trading company Eight.

“We are ready for $40,000.”

Daan Crypto Trades compared the breakdown of the current rebound and previous monthly lows.

“Sweeping highs in quick succession. Similar price action we’ve seen on the way to have about a dozen of these before the price collapses properly,” he said. wrap up.

Other popular companies Jere and Byzantine Generals predict a return to range bound BTC price action at $30,000.

“Hey, I wiped this place down. About $500 million disappeared. I got it About the derivatives market’s reaction to recent gains.

“So this prolly also means that this little rally is almost over and consolidation is next.”

This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.