Bitcoin's Price Drops Below $29K Amidst Pre-FOMC Boost for US Dollar and Investor Abandonment.

Bitcoin's price dropped to multi-day lows, threatening $28,000 support, as US markets reacted to fresh banking jitters. First Republic Bank was sold to JPMorgan Chase by the US government, raising suspicions over the legitimacy of the move. Bitcoin showed little interest in mimicking its reaction to the start of the banking crisis in March, instead tracking lower despite warning signs that another lender might already be in trouble. Meanwhile, the US dollar showed keen strength to start the week, with the US Dollar Index challenging its highest levels since mid-April ahead of the Federal Reserve's decision on interest rates due on May 3.