Just as worries about the banking sector seemed to fade, troubles at First Republic could be helping drive crypto price action again.
to the diversity of bitcoin's narrative and particularly its potential uses as a hedge against uncertainty and as an alternative banking system.
"Bitcoin continues to straddle between being the ultimate lifeboat from the current banking system and the leading risk-on asset," said managing partner James Lavish at Bitcoin Opportunity Fund. "As First Republic is now on the verge of collapse, bitcoin represents both a safe haven versus uncertain bank deposits."
The pullback over the past week hasn't negated the year-to-date uptrend, however, and crypto remains in a long-term bull market, according to Bitwise's Hougan. The U.S. dollar index was down 0.56% and on pace for worst day since Apr. 12, when bitcoin traded at its highs of this year. The two tend to have an inverse relationship.
Meanwhile, bitcoin's 30-day rolling correlation with gold has been climbing since March and now stands at 57%, its highest level in almost two years, according to crypto data provider Kaiko.Coinbase sues SEC, and WisdomTree's CEO on the company's upcoming crypto wallet: CNBC Crypto World
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