Sa. Apr 20th, 2024

• Bitcoin correlation with gold surges amidst news of First Republic Bank
• Regulatory forced Kraken exits make up majority of ETH principal withdrawals
• Bitcoin breaks $28k barrier amid fears of First Republic Bank’s seizure

Bitcoin Correlation with Gold Surges

Amidst the news regarding First Republic Bank, the correlation between Bitcoin and gold surged. This surge has been attributed to investors seeking a safe haven in light of the uncertainty surrounding traditional banking institutions. As a result, Bitcoin prices rose to nearly $30,000.

Liquidations and Withdrawals

In addition to a rise in prices, over $140 million worth of liquidations were recorded in 24 hours. Regulatory forced Kraken exits also made up the majority of Ethereum (ETH) principal withdrawals. As a result, approximately 500,000 ETH were withdrawn from Kraken’s exchange platform.

Bitcoin Breaks $28k Barrier

The price of Bitcoin continued to increase as it broke through the $28k barrier amidst fears that First Republic Bank could be seized by authorities. The increased demand for cryptocurrencies as an alternative asset class has been seen across multiple exchanges with staked ETH deposits out pacing withdrawals over the past 24 hours by 93,044 ETH.

Kraken Exits Lead Principal Withdrawals

Data from Nansen showed that roughly 64% of all Ethereum principal withdrawals have come from Kraken – amounting to almost 500,000 ETH – indicating that regulatory-forced Kraken exits are making up the majority of these transactions.

Conclusion

This news regarding First Republic Bank is having an impact on both traditional finance and crypto markets alike. Investors are turning towards safer investments such as cryptocurrency and gold in order to protect their assets during this period of market uncertainty.

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