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Home»Bitcoin»BTC, ETH, BNB emerge victorious from the collapse of the First Republic Bank: here’s how
Bitcoin

BTC, ETH, BNB emerge victorious from the collapse of the First Republic Bank: here’s how

2023-05-02No Comments3 Mins Read
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  • While JPMorgan swooped in to rescue unsettled First Republic Bank continued the positive sentiment in the crypto market.
  • Positive funding rates and prolonged liquidations marked the past 24 hours, indicating that investors expected asset prices to rise.

The global cryptocurrency market cap fell just 1.5% 24 hours after the US Federal Deposit Insurance Corporation (FDIC) designated US banking giant JPMorgan Chase as the buyer of troubled First Republic Bank, data from CoinGecko revealed. At the time of writing, the global cryptocurrency market cap was $1.21 trillion.

Source: CoinGecko

If reported previously, First Republic Bank was shut down by the regulator due to customer withdrawals and falling asset prices. In an agreement with the FDIC, JPMorgan acquired the bank’s assets after bailout talks dragged on for weeks. This included loans, securities and deposits totaling $295 billion.

Thanks to JPMorgan, unabated losses were contained

When Silicon Valley Bank (SVB) collapsed unexpected in march, Bitcoins [BTC] funding rates turned negative for the first time since the start of the year.

According to data from CryptoQuant, the negative sentiment that plagued the market ahead of the decision by the US Treasury Department, the Federal Reserve and the FDIC to restore all customer deposits. As a result, the leading coin’s funding rates fell to levels similar to when FTX collapsed in November 2022.

Source: CryptoQuant

With a regulatory lifeline offered by the FDIC in the wake of First Republic Bank’s bankruptcy, the cryptocurrency market reacted differently than when SVB failed.

Brief liquidations marked the overall crypto market over the weekend of SVB’s collapse. However, things have been remarkably different in the past 24 hours, entirely due to JPMorgan’s decision to acquire the assets of the troubled First Republic Bank.

See also  Bitcoin holders are in a pinch as the profit supply exceeds 80%

How BTC, ETH, BNB Reacted

Per data from Mint glass, 21,908 traders were liquidated in the general cryptocurrency market, with $61.99 million removed in the past 24 hours. According to the data provider, there were more long liquidations than short liquidations during the reporting period. This indicated that the positive sentiment in the market continued.

Source: Coinglass

Further on-chain data from Sanitation revealed that during intraday trading on May 1 Bitcoin, Ethereum [ETH]and Binance Coin [BNB] saw their trading volumes and the number of daily active addresses increase significantly.

Source: Sentiment

However, as investors rallied to take profits on their investments over the past 24 hours, BTC, ETH, and BNB values ​​fell by 1.69%, 0.93%, and 2.83%, respectively.

Source: Coin360

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bank BNB BTC Collapse emerge ETH Heres Republic victorious
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