[Bitcoin Now] First Republic Surges 5.8% on Rescue News

As concerns over financial risks eased, the price of the leading virtual asset Bitcoin also showed a sharp rise of nearly 6%.

Image source=Reuters·Yonhap News

According to the global virtual asset market relay site CoinMarketCap, as of 11:28 a.m. on the 17th, the price of Bitcoin was recorded at $25,943 (approximately 33.84 million KRW), up 5.83% from the previous day.

The price of Bitcoin has been rising following news that major U.S. banks such as JPMorgan Chase and Bank of America (BoA) are intervening to rescue First Republic, which had been facing crisis rumors. Eleven major U.S. banks plan to inject $30 billion (approximately 40 trillion KRW) to rescue First Republic Bank after the collapse of Silicon Valley Bank (SVB).

The U.S. stock market, which showed synchronization, also closed higher on this news. The S&P 500 index, centered on large-cap stocks, closed at 3,960.28, up 68.35 points (1.76%), the Nasdaq index, focused on technology stocks, rose 283.23 points (2.48%) to close at 11,717.28, and the Dow Jones Industrial Average closed at 32,246.55, up 371.98 points (1.17%) from the previous session.

Meanwhile, virtual asset investor sentiment remained at a neutral level. According to Alternative, a virtual asset data provider, the Fear & Greed Index, which expresses investor sentiment as an index, recorded 51 points (neutral), down 1 point from the previous day. Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investment, while a score near 100 indicates optimism.