• Bitcoin’s value is gearing up for a surge to $35,000 as a new wave of banking crisis strains the Federal Reserve’s balance sheet.
• First Republic Bank is expected to be placed under FDIC receivership this weekend, while other banks such as JPMorgan Chase & Co and PNC Financial Services are preparing to acquire it after the government closure.
• The collapse of First Republic Bank and the potential failures of other banks could significantly impact the cryptocurrency market, particularly Bitcoin (BTC), driving up demand and leading to an increase in its price.
Bitcoin Price Prediction
As Bitcoin inches closer to the $30,000 resistance level, investors and traders eagerly anticipate its next move. In this Bitcoin price prediction, we will explore various price predictions and analyze the factors that could influence its trajectory. Will BTC break through this significant barrier and continue its upward trend, or will it face a pullback? Let’s dive into the possible scenarios and targets for the world’s largest cryptocurrency by market cap.
First Republic Sparks Second Wave of Banking Crisis Underpins BTC
Bitcoin’s value is gearing up for a surge to $35,000 as a new wave of banking crisis strains the Federal Reserve’s balance sheet. According to an April 29 Wall Street Journal report, the US government may place First Republic Bank under FDIC receivership this weekend.However, First Republic Bank is not the only one in danger, as 4-5 banks are currently experiencing bank deposit withdrawals in the billions. The Fed will need to print more money to save these struggling banks from collapsing.As the Wall Street Journal reported, First Republic Bank is expected to be placed under FDIC receivership this weekend. Banks such as JPMorgan Chase & Co and PNC Financial Services are preparing to acquire it after the government closure.
Impact on Bitcoin Price: Market Uncertainty and Rising Demand
The collapse of First Republic Bank and the potential failures of other banks could significantly impact the cryptocurrency market, particularly Bitcoin (BTC). As the traditional financial system faces instability, investors may seek refuge in alternative assets like cryptocurrencies. This shift in sentiment could drive up the demand for Bitcoin, leading to an increase in its price. Furthermore, as people lose faith in the banking system