FRC - Why Bitcoin Ethereum and Dogecoin Are Rising This Morning
2023-04-26 10:32:45 ET
Several cryptocurrencies jumped higher today in a move that appears to be linked to ongoing struggles in the banking system, more specifically at First Republic (NYSE: FRC) , which recently reported its first-quarter earnings results.
Since late afternoon yesterday, the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC) , traded close to 7% higher as of 10 a.m. ET today and hovered around $29,850. The world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH) , traded 5.4% higher, while the meme token Dogecoin (CRYPTO: DOGE) was up 4.6%.
Bitcoin had been struggling in recent days but seems to be benefiting from issues at First Republic after the bank reported first-quarter earnings on Monday that showed it had lost $100 billion of deposits.
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Why Bitcoin, Ethereum, and Dogecoin Are Rising This Morning