Bitcoin Soars to $30K, First Republic Bank Halts Trading Amid Plunge

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

Bitcoin Correlation with Gold Surges

Amidst news from the First Republic Bank, the correlation between Bitcoin and gold has surged. The heightened relationship between the two assets could be a sign of increasing investor demand for alternative safe-haven stores of value as fiat currencies continue to depreciate due to inflation.

Regulatory Forced Kraken Exits

Data from Nansen reveals that 64% of Ethereum principal withdrawals have come from Kraken – amounting to almost 500,000 ETH. The regulatory pressure on cryptocurrency exchanges has been increasing in recent weeks, forcing many users to withdraw their funds.

Bitcoin Breaks $28K Barrier

The price of Bitcoin crossed the $28k barrier today as fear surrounding First Republic Bank’s seizure drove investors towards alternative stores of value such as Bitcoin and gold. This surge in demand caused a significant increase in BTC prices and market capitalization.

First Republic Bank Stock Halted

The stock price of First Republic Bank saw a sharp decline earlier today, prompting regulators to halt trading on its shares. It is unclear if this plunge was due to news surrounding Bitcoin or other factors related to the bank itself.

AlphaInsights Ethereum Regulatory Forced Kraken Exits

James Van Straten reported that roughly 64% of all Ethereum principal withdrawals have come from Kraken – amounting to almost 500,000 ETH. This indicates that regulatory pressures on cryptocurrency exchanges are forcing investors to withdraw their funds and seek alternative investments outside of traditional markets.