Insights

Bitcoin breaks $28k barrier amid First Republic Bank’s seizure fears

exchange68September 13, 2024

0 1 1 minute read

Quick Take

First Republic Bank finished trading a whopping 50% lower share price yesterday — closing at $8.26.
According to FOX News, it is reported that First Republic Bank is expected to be seized by the U.S. government.
First Republic Bank is looking to offload up to $100 billion worth of long-dated mortgages and bonds to stay afloat.
Based on this news, Bitcoin (BTC) broke $28,000 — up over 4% in the past five days.
Gold also caught a bid, while U.S. equities slumped into negative territory.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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