Crypto fell to start May as investors bet the takeover of First Republic Bank could put an end to the financial crisis.
Cryptocurrencies took a dip on Monday to start the week and new month as investors bet the takeover of First Republic Bank could put an end to the financial crisis, which has been the biggest driver of this year’s bitcoin rally.
Bitcoin fell about 4.2% to 28,137.76 to start the week and new month, according to Coin Metrics. Ether lost 4% to 1,828.81.
On Monday regulators took possession of First Republic, making it the third U.S. bank failure this year and the biggest one since the 2008 financial crisis. JPMorgan Chase will acquire most of its deposits and assets.
Last week, the price of bitcoin rallied in the final week of April as troubles at the bank unfolded.
