Crypto prices rose overnight and into Wednesday morning, with Bitcoin trading at $28,330, up 3.7% over the past day. The bump in crypto prices coincided with deposit outflows at First Republic, stoking broader banking worries. These issues were the catalyst for Bitcoin's most recent rally to above $30,000, and Standard Chartered declared that the "crypto winter is over". JPMorgan analysts warned that Ether could face further selling pressure following its latest upgrade due to Binance withdrawals taking up to 15 days to be fulfilled. Futures traders going short suffered about $77 million in liquidations across derivatives exchanges in the past 24 hours.
(By Adam Morgan McCarthy)
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