Surprise price surge sees Bitcoin back above $28,000 as another US bank sends up a distress flare

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City AM

By Darren Parkin It’s unclear what pushed the price of Bitcoin past $28k but the late rally on Tuesday evening follows First Republic Bank reporting a loss of $100 billion in deposits during its first quarter earnings presentation on Monday. The previous cryptocurrency price rally was preceded by the collapse of two US banks. Analysts point out that the positive sentiment in crypto markets may also stem from investors expecting the Fed to start taking a less aggressive stance on rate hikes in the near future. Crypto being considered a riskier asset class, it generally performs well in low-rate…

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