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Bitcoin’s crypto 4% Surge in 24 Hours Sparks Price Predictions – What’s the Reason Behind It?

Bitcoin enthusiasts and investors are abuzz with excitement as the world’s most prominent cryptocurrency surges by 4% within a mere 24 hours. The sudden surge in Bitcoin’s price has sparked speculation among many about the factors driving this upswing, while others scramble to make sense of the market dynamics.

As we delve into the potential reasons behind this unexpected surge, we will explore several key factors that could be influencing the market and attempt to forecast where Bitcoin’s value may be heading in the near future.

Join us as we uncover the mystery behind this sudden spike in Bitcoin’s price and its potential implications for the wider crypto ecosystem.

The Impact of First Republic Bank’s Price Crash on Bitcoin’s Surge

In mid-March, First Republic announced its financial results, which revealed the bank’s precarious state, largely attributed to the collapses of Silicon Valley Bank and Signature Bank. During the first quarter, the bank reported a significant $102 billion withdrawal in deposits, surpassing the $176 billion it held at the end of the previous year crypto bitcoin.

The bank’s shares took a nosedive on Tuesday, dropping by almost 50%, after it was revealed that clients had withdrawn over $100 billion in deposits during the first quarter of the year. As a result, concerns are mounting that First Republic Bank could become the third major bank to collapse this year, causing anxiety both in the United States and around the globe.

The news has sparked a range of reactions in the US stock market. Nevertheless, the BTC/USD witnessed a surge as the deposit crisis at First Republic Bank heightened concerns about a possible financial crisis in the United States crypto bitcoin.

Standard Chartered Forecasts Bitcoin to Reach $100K Mark in 2024

Standard Chartered Bank’s research report, released on Monday, suggests that Bitcoin, the foremost cryptocurrency globally, crypto bitcoin could reach a potential value of $100,000 by 2024. The bank’s analysis indicates that several factors could contribute to Bitcoin surpassing the $100,000 mark.

One of these factors is the ongoing crisis in the banking sector, which could help reinstate Bitcoin’s role as a decentralized, scarce digital asset.

Furthermore, the research found that the improving macroeconomic environment for risky assets, as the Federal Reserve approaches the end of its tightening cycle, could also act as a price catalyst crypto bitcoin.

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