CJ - Cryptocurrency Enthusiast
Bitcoin's turbulent start to the week has been compounded by the failure of First Republic Bank, which marks the second-largest bank failure in the United States. This news has led to potential downside pressure for Bitcoin, which was already facing volatile price action at the start of the week.
After trading sideways over the weekend, BTC/USD began the week facing downside pressure, with prices stabilizing below $29,000. However, the failure of First Republic Bank and its takeover by JPMorgan Chase has added to the potential downside risks for Bitcoin. These events have occurred at the start of a heavy week, in which the Federal Reserve will reveal its next interest rate shift.
As a result, the potential for continued surprises in crypto market investment is clearly evident, with much to take in this week.
Bitcoin experienced classic flash volatility as it entered a new weekly and monthly candle after April's sideways trading. BTC/USD quickly dived lower as bid liquidity was pulled from the Binance order book, leading to local overnight lows of $28,289 on Bitstamp. This has led some analysts to predict potential strength returning to altcoin markets.
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