Bitcoin (BTC) saw a rebound to $29,000 on May 4 as the US banking crisis threatened to cause further upheaval. The digital currency had fallen to daily lows on Wall Street amid uncertainty surrounding the Federal Reserve’s interest rate decision. The regional banking sector suffered further with PacWest Bancorp announcement of a possible buyout. This boosted the value of harder assets such as gold and Bitcoin. The Fed has sought to reassure investors that the US banking system is sound and resilient, but markets are watching the next moves from either Fed Chair Jerome Powell or Treasury Secretary Janet Yellen. Glassnode data showed that BTC has outperformed gold despite the latter having hit new all-time highs.
Bitcoin eyes liquidity above $30K as gold hits new all-time high
