Bitcoin's price rose 9.6% in 24 hours to break above $29,800 on April 26, with some commentators suggesting that the 50% drop in First Republic Bank shares on April 25 was the catalyst for the rally. The bank's earnings report showed that clients' deposits shrank by 40.8% during the quarter as customers withdrew their money. Bitcoin's price remains 22.5% down on 12 months ago, and the US Federal Reserve's signal that it would hike interest rates above 5% could weaken the economy and have a bearish impact on risk assets. Bitcoin's gains of 27% between March 26 and April 26 may help bulls in April's $3.2 billion monthly options expiry.

(By MARCEL PECHMAN)