Bitcoin and other major cryptocurrencies are rising strongly on Wednesday, as concerns over First Republic Bank are pushing investors back into crypto.
Bitcoin managed to climb 8% to $29,828, while Ethereum managed to gain 6% to $1,957. Both cryptocurrencies are far from the year highs of $30,000 and $2,000 respectively found two weeks ago.
The positive sentiment for cryptos came amid renewed doubts about the stability of regional banks in the US, with First Republic Bank’s shares falling 50% in the Wall Street session on Tuesday.
The bank saw its deposits fall 40% to $104.5 billion. Within 2023, First Republic’s stock has lost more than 90% of its value.
First Republic’s collapse dragged down several regional bank stocks to heavy losses, with Western Alliance losing 5.6%, Pacific West 9% and Charles Schwab nearly 4%. As a result, the SPDR S&P Regional Banking ETF closed down 4%, while the SPDR S&P Bank ETF lost 3%.
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