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Bitcoin (BTC) Suddenly Reclaims $30,000. Here's Key Reason Why

Wed, 04/26/2023 - 12:54
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Alex Dovbnya
Bitcoin's price surged past $30,000 level on Bitstamp exchange, fueled in part by dramatic decline in First Republic Bank shares
Bitcoin (BTC) Suddenly Reclaims $30,000. Here's Key Reason Why
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The price of Bitcoin, the flagship cryptocurrency, has surged past the $30,000 mark on the Bitstamp exchange. The sudden increase was driven in part by the dramatic fall in First Republic Bank shares.


According to data from CoinGecko, the world's largest cryptocurrency by market capitalization has risen 9.3% in the past 24 hours. 

Ethereum, the second largest cryptocurrency, has also witnessed a 7.7% increase in price during the same period. The second largest cryptocurrency is yet to reach the psychologically important $2,000 level.

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On April 25, shares of First Republic Bank recorded a 50% price slump after it reported a more than $100 billion slump in deposits. Market participants are increasingly viewing the institution as a "zombie bank," unable to adequately compete but not in immediate danger of collapse.

Growing concerns over the health of the banking sector were the main driver behind Bitcoin's impressive Q1 gains. It remains to be seen whether its most recent rally will be sustainable.

The world's largest cryptocurrency is still down 56.76% from the all-time high of roughly $69,000 that was recorded in November 2021.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at