“FOMC Decision Will Empower or Destroy”

Bitcoin (BTC) started the trading week in the US below $28,000. The drop came after regulators tried to take over First Republic Bank. According to CoinDesk data, BTC, the largest cryptocurrency by market capitalization, is trading at 27,900 with a decrease of 2.03 percent in the last 24 hours. BTC was hovering around $28,500 when the US markets opened and JPMorgan announced its acquisition of First Republic.

Oanda stock market analyst Edward Moya suggested that the rapid reaction to the First Republic’s collapse showed that crises in the banking sector were ready to be dealt with quickly, adding:

The US banking system seems to have certain tactics for dealing with banking crises. This leaves the crypto market in the shade.

San Francisco-based First Republic; Silvergate is the fourth bank to go bankrupt in the last two months, after Silicon Valley and Signature. It was also predicted that this development could cause price fluctuations in the crypto market.

Ether (ETH), the second largest cryptocurrency by market capitalization, followed a similar move to Bitcoin and has fallen by 1.18 percent in the last 24 hours. It is currently trading at $1,825. Analysts from Bitcoin mining hardware provider Blockware Solutions made the following statements on Friday:

It is important to pay attention to pullbacks to gauge the remaining purchasing power after the $25,000 breakout. If we talk on behalf of BTC, we can say that it gives bullish signals.

Saying that BTC has a strong resistance between $ 30-31 thousand, analysts added: “The FOMC decision will either strengthen or destroy the resistance of BTC.”