Bitcoin Surges Past $26K, Setting Sights on $28K
Bitcoin's price surged over 6% in the past 24 hours, reaching a high of $26,350, alongside a wider uplift in the cryptocurrency market. The rise in U.S. and Asian stock markets after major lenders agreed to inject $30 billion to save U.S.-based First Republic Bank from insolvency, promoting risk-on sentiments. The Fed potentially moving away from quantitative tightening is prompting renewed interest in risk-on assets like stocks and crypto from investors. Bitcoin is also benefiting from the risk of a global banking crisis, with uncertainty around a banking failure building positive sentiment around decentralized alternatives such as Bitcoin.