Bitcoin (BTC) rose towards $29,000 on Wednesday, with some investors pointing to expectations that the Federal Reserve will inject money into the economy in the coming weeks after signs of yet another US bank collapse. First Republic Bank's shares tumbled 50% on Tuesday after revealing a slump in deposits, leading to concerns that it will become the third bank to fail, joining Silicon Valley Bank and Signature Bank. Bitcoin has added 5.7% in the past 24 hours, following safe-haven assets such as gold to reverse nearly all losses from last week's sell-off. The rally came from expectations of a liquidity injection by the Fed to protect its capital markets as cracks in the financial system grow, said Jake Boyle, a director of retail crypto brokerage Caleb & Brown.
(By Shaurya Malwa)
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