The decline in First Republic Bank stock came a day after the US bank stated customers had withdrawn over $100bn from their accounts following last month’s banking crisis

Bitcoin’s price has climbed 4 per cent today after turmoil hit First Republic Bank’s shares which slumped around 50 per cent as investors question the bank’s future.

The decline in First Republic Bank stock came a day after the US bank stated customers had withdrawn over $100bn from their accounts following last month’s banking crisis.

Following the failure of Silicon Valley Bank (SVB) in early March, and amid worries over other mid-tier US lenders, the total crypto currency market cap rose, with bitcoin breaking through $30k two weeks earlier, marking the first time the crypto had hit this level in 10 months.

Though, since last week, the price of bitcoin has dropped 9 per cent after breaking the psychologically vital $30k level, while the price of ether reduced 14 per cent after peaking above $2,100 in mid-April.

Support or resistance for bitcoin as well as ether often centres around large whole numbers and today the price of both digital assets has risen.

Bitcoin (BTC-USD) is moving towards the $30k level, gaining 4 per cent during the last 24 hours to $28,400, and ether (ETH-USD) has jumped 2.5 per cent to $1,862.

As per Coingecko, the global crypto currency market cap today sits at $1.23tn, 2.5 per cent higher during the past 24 hours.

Bitcoin hitting $30k is in line with the upper range of its Bollinger Bands, which plot the 20-day moving average of an asset and calculate two standard deviations above and below the average.

During the last 24 hours, the most of leveraged trades that were liquidated in the crypto market were short positions as prices increased after days of declining.

As per Coinglass data, 25,602 traders were liquidated during the last 24 hours, with 75 per cent of these holding short positions.

The bank is now following strategic options, like cutting costs by reducing 20 per cent to 25 per cent of its employees.

The collapse of SVB and New York’s Signature Bank (SBNY), together with troubles at Credit Suisse (CS), have raised concerns of an emerging crisis in the banking sector.