Bitcoin has caught a big bid in the last 40 minutes, rising to a high of $29,990 in a straight line after breaking $29,000.
The rally erases most of the losses from last week and puts it back to within striking distance of a 10-month high.
Bitcoin daily chart
The catalyst for the reversal this week has been trouble at First Republic Bank, which appears to be in a death spiral. Shares are down another 13% after falling more than 45% yesterday on deposit outflows.
What’s less-compelling about this thesis at the moment is that bitcoin already rallied on banking trouble in March and that was ultimately contained. This time, the pain hasn’t spread significantly beyond First Republic as other regional…
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