Bitcoin price drops below $28k as traders exit financial markets.

Bitcoin's price fell below $28,000 as investors' concerns about the global financial system increased due to JPMorgan's takeover of First Republic Bank, leading to volatility across all financial markets. The downward pressure on Bitcoin began late on Sunday and ramped up in the early hours on Monday as bears broke below support at $29,000 and are now looking to break the back of support at $28,000. The altcoin market was hit hard, with most tokens in the top 200 recording losses, except for Radicle and UMA. The overall cryptocurrency market cap now stands at $1.15 trillion, and Bitcoin's dominance rate is 46.5%.