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

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.

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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…

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.