MCADE has topped the $0.027 mark as the cryptocurrency market begins to recover.
First Republic Bank has been acquired by JPMorgan Chase as the banking woes in the United States banking sector continue.
The banking woes have boosted Bitcoin’s position as a safe haven asset.
Analysts are becoming bullish on Bitcoin and the broader cryptocurrency market thanks to the recent banking woes in the United States. MCADE is up by more than 2% in the last 24 hours and could rally higher as the broader crypto market looks to embark on a recovery.
JPMorgan acquires First Republic Bank
JPMorgan Chase, one of the leading banks in the United States, has acquired the troubled First Republic Bank.
This latest cryptocurrency news comes after the First Republic Bank was seized by the California Department of Financial Protection and Innovation.
JPMorgan Chase will assume all assets of the embattled bank ding uninsured deposits. First Republic Bank currently has $229.1 billion in assets and $103.9 billion in deposits.
Following the acquisition, 84 locations of First Republic Bank in eight states will now reopen as JPMorgan Chase. Furthermore, all depositors of the troubled bank will become a part of JPMorgan and have access to their total deposits insured by FDIC.
First Republic Bank’s collapse is the third major one in the United States since the start of the year, a cause for concern amongst investors in the country,
Crypto experts are predicting a bullish run for Bitcoin
The recent banking woes have been favourable to the cryptocurrency sector. According to Standard Chartered analyst Geoff Kendrick, the recent events could see Bitcoin rally to $100,000 by 2024.
In a note following First Republic Bank’s woes, Kendrick said;
“We see the potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over. The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset,”
Bloomberg Intelligence’s Jamie Douglas Coutts also pointed out that Bitcoin could be on course for the longest streak of monthly gains since 2021. He stipulated that if 1% of global bond-market value moved toward Bitcoin, that would take BTC’s…
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