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First Republic Bank dives another 20% with Bitcoin 'ready for $40K'
BTC price targets are reaching past the recent ten-month highs with Bitcoin bulls emboldened by First Republic losses.
First Republic Bank dives another 20% with Bitcoin 'ready for $40K'
Bitcoin (BTC) tagged $30,000 into the April 26 Wall Street open as bulls gained further momentum from United States banking woes.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewHayes: "Uncertainty" driving BTC price, gold
Data from Cointelegraph Markets Pro and TradingView followed as it briefly reclaimed the psychological line in the sand, capping 11% gains versus its local lows from April 24.
The pair continued to respond positively to the rapidly-evolving next chapter of the U.S. banking crisis. This centered around First Republic Bank, which revealed a $100 billion reduction in deposits this week.
The U.S. government was reportedly uninterested in intervening on the day, according to a source cited by CNBC, as the bank’s stock, FRC, opened down another 22% before being halted for volatility. Weekly stock price losses thus totaled over 50%.
Responding, Arthur Hayes, former CEO of crypto derivatives exchange BitMEX, smelled blood.
Bitcoin touches $30K as BTC bulls well-positioned for weekly $3.2 billion options expiry
Weaker U.S. financial system has raised BTC bulls’ odds of profiting $780 million on April 28 options expiry.
Bitcoin touches $30K as BTC bulls well-positioned for weekly $3.2 billion options expiry
Bitcoin (BTC) price broke above $29,800 on April 26, totaling 9.6% gains in 24 hours, reaching as high as $30,024 on Bitstamp. Some commentators argue that the 50% drop in First Republic Bank (FRB) shares on April 25 has been the catalyst for Bitcoin’s rally.
Bitcoin gains from banking crisis
Despite the positive shift, its price remains 22.5% down in twelve months, which explains why bulls are far from optimistic.
The FRB debacle comes after the bank’s earnings report, which showed that clients’ deposits shrank by 40.8% during the quarter as customers pulled out their money. Notably, the bank received a $30 billion cash injection in March, but the quarterly outflows topped $100 billion.
On the other hand, the U.S. Federal Reserve signaled that it would hike interest rates above 5%. By increasing the cost of capital, the central bank might succeed in taming inflation, but the unintended consequence is a weaker economy and a bearish market structure for risk assets, including Bitcoin.
Some analysts pin the $31,000 resistance rejection to the harsh cryptocurrency regulatory environment, especially in the U.S.— which became more evident after Coinbase filed a court action to force the Securities and Exchange Commission (SEC) to clarify industries’ rules.
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Gabriel Haines can most likely be found screaming about crypto with his shirt off in public or at home. Why is that and who is he?
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Name: Gabriel Haines
Anonymous: No
Twitter followers: 45,300
Known for: satirical ranting, shiting posting, and comedic content
Who is Gabriel Haines anyway?
Gabriel Haines is a content creator, podcaster and Crypto Twitter shitposter who has a proclivity for ripping off his shirt in videos and ranting about the market in a goofy and comedic fashion.
His entertainment value has seen him quickly build up a following of 45,300 — not a bad effort considering his online journey only started on YouTube in early 2020, when he was making videos on subjects as diverse as hummus reviews and educational videos on content marketing.
Haines jumped into the crypto space around the end of 2020 after seeking out ways to hedge against inflation in response to the inordinate amount of U.S. dollar printing and stimulus thrown about during the height of the global pandemic.
Although he started his journey learning about Bitcoin, Haines soon dived into the Ethereum ecosystem and says that his biggest early wins came from hustling on token airdrops.
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Name: Gabriel Haines
Anonymous: No
Twitter followers: 45,300
Known for: satirical ranting, shiting posting, and comedic content
Who is Gabriel Haines anyway?
Gabriel Haines is a content creator, podcaster and Crypto Twitter shitposter who has a proclivity for ripping off his shirt in videos and ranting about the market in a goofy and comedic fashion.
His entertainment value has seen him quickly build up a following of 45,300 — not a bad effort considering his online journey only started on YouTube in early 2020, when he was making videos on subjects as diverse as hummus reviews and educational videos on content marketing.
Haines jumped into the crypto space around the end of 2020 after seeking out ways to hedge against inflation in response to the inordinate amount of U.S. dollar printing and stimulus thrown about during the height of the global pandemic.
Although he started his journey learning about Bitcoin, Haines soon dived into the Ethereum ecosystem and says that his biggest early wins came from hustling on token airdrops.
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Gabriel Haines can most likely be found screaming about crypto with his shirt off in public or at home. Why is that and who is he?
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Gabriel Haines can most likely be found screaming about crypto with his shirt off in public or at home. Why is that and who is he?
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Gabriel Haines can most likely be found screaming about crypto with his shirt off in public or at home. Why is that and who is he?
Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
Name: Gabriel Haines
Anonymous: No
Twitter followers: 45,300
Known for: satirical ranting, shiting posting, and comedic content
Who is Gabriel Haines anyway?
Gabriel Haines is a content creator, podcaster and Crypto Twitter shitposter who has a proclivity for ripping off his shirt in videos and ranting about the market in a goofy and comedic fashion.
His entertainment value has seen him quickly build up a following of 45,300 — not a bad effort considering his online journey only started on YouTube in early 2020, when he was making videos on subjects as diverse as hummus reviews and educational videos on content marketing.
Haines jumped into the crypto space around the end of 2020 after seeking out ways to hedge against inflation in response to the inordinate amount of U.S. dollar printing and stimulus thrown about during the height of the global pandemic.
Although he started his journey learning about Bitcoin, Haines soon dived into the Ethereum ecosystem and says that his biggest early wins came from hustling on token airdrops.
5 YouTube channels to learn Web3 development
If you’re looking to learn Web3 development, discover five YouTube channels to help you assist through the journey.
5 YouTube channels to learn Web3 development
If you’re looking to learn Web3 development, discover five YouTube channels to help you assist through the journey.
Circle launches cross-chain USDC transfer protocol for Ethereum, Avalanche
The new protocol burns coins on the sending chain, and mints new ones on the receiving chain.
Circle launches cross-chain USDC transfer protocol for Ethereum, Avalanche
The new protocol burns coins on the sending chain, and mints new ones on the receiving chain.
Deloitte on a crypto hiring spree, reveals LinkedIn job postings
Deloitte highlights its commitment to Web3 and crypto through its intent to hire cryptocurrency experts to join its team, with over 300 positions posted on LinkedIn.
Why anonymity is key to self-autonomy — And how crypto helps freedom movements win
The Agenda podcast chats with DarkFi to explore how Rojava is experimenting with cryptocurrency and why encryption and anonymous spaces are critical for building self-autonomy.
Bitcoin at banks: Raiffeisenlandesbank to offer crypto investment services
All segments of RLB NÖ-Wien clients will be able to invest in a broad number of cryptocurrencies with a budget of as little as one euro.
Blockchain features on WEF whitepaper as a tool to fight climate change
CISA executive Brynly Llyr said that it’s important to consider and research emerging technologies that can help address climate change.