First Republic Bank's Deposit Outflows Trigger Bitcoin Price Surge.
Bitcoin price surged over 3% in the last 24 hours following fears of another possible bank failure as First Republic Bank shares closed down over 50%. Bankers working with First Republic Bank expect the institution to go into government receivership. The correlation between Bitcoin and the S&P 500 may be dwindling as the narrative that Bitcoin is a safe haven amid the banking crisis began to once again gather steam. The banking crisis has taken a heavy toll on financial institutions in the U.S. over the course of this year. Despite the turmoil, U.S. Treasury Secretary Janet Yellen has reiterated that the American banking sector remains robust and stable.