The price of Bitcoin (BTC) is trading at $29,832.32 – up 9.04% at the time of writing at 530pm BST, 26 April 2023.
Meanwhile, the total global crypto market capitalisation stands at $1.23tn – a 7% rise in the past 24 hours.
Banking crisis is Bitcoin’s gain?
The reasons for the BTC rally, according to some commentators, is the 50% drop in First Republic Bank (FRB) shares yesterday, 25 April, after the San Francisco-based lender detailed a slump in deposits.
Investors have withdrawn more than $100bn from the bank this year, bringing fears it will join the collapsed Silicon Valley Bank and Signature Bank.
Other analysts say that the BTC rally is coming from hopes of a Fed liquidity boost as a way to protect capital markets.
Elsewhere, leading crypto names are reacting on Twitter.