Bitcoin price jumps in the wake of First Republic Bank price crash


The price of Bitcoin (BTC) spiked more than 3% in the last 24 hours as fears were sparked of another possible imminent bank failure as First Republic Bank (FRC) shares closed down more than 50% on April 25.

According to the head of research at Australian crypto education platform Collective Shift, the price of Bitcoin rallied immediately following Fox News Business reporter Charles Gasperino breaking the news that bankers working with First Republic Bank expect the institution to go into government receivership.

Receivership is a tactic allowing creditors to recover funds that are experiencing a potential default and assists troubled firms in avoiding bankruptcy.

Data from crypto analytics firm Santiment suggested the correlation between Bitcoin and the S&P 500 may be…

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