Just-In: Bitcoin Rally In Sight; U.S. Officials Seeks To Rescue First Republic

Bitcoin (BTC) registered a massive rally when authorities rushed to provide help to collapsed Silicon Valley Bank (SVB) and Silvergate Bank.
By Ashish Kumar
bitcoin XRP news first republic crypto market

Bitcoin News: The global crypto market prepares itself as another U.S based bank seeks government rescue in the fear of a horrible collapse. Bitcoin (BTC), the world’s largest crypto registered a massive rally when authorities rushed to provide help to now collapsed Silicon Valley Bank (SVB) and Silvergate Bank.

Also Read: XRP Whales React To Ripple’s XRP Q1 Report

Advertisement
Advertisement

Bitcoin Set To Surge?

As per reports, U.S. officials are in urgent talks to rescue First Republic Bank (NYSE: FRC) as it nears a slump. This development comes in when private sector companies’ attempts led by bank advisers haven’t been able to crack a deal.

The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are reportedly the agencies leading the rescue talks with financial companies over the past few days. It added that the government efforts are helping to fetch more parties including banks and several equity firms.

First Republic Bank (NYSE: FRC) share registered a surge in the pre-market after reports of a possible rescue led by U.S. officials broke out. Its share price jumped by more than 6% pre-market. Its price stands at around $6.19. However, First Republic Bank Share price dropped by major 50% over the past 5 days. Read More Bitcoin News Here…

first republic bank

Also Read: Ripple To Face Trouble From XRP Holders in Court? Attorney Suggests This

Bitcoin made a massive return when banks like Silicon Valley Bank (SVB) and Silvergate collapsed. Bitcoin price is up by 25% over the past 60 days. BTC market cap which stood at around $385 billion on March 10, 2023, went on to peak at $594 billion on April 14, 2023. During this time period went on to file the bankruptcy.

BTC is trading at an average price of $29,330, at the press time. However, its 24 hour trading volume is down by 32% to stand at $21.7 billion.

Advertisement
Ashish Kumar
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.