Bitcoin’s value fell below $29,000 on May 4 as US equities showed nervousness over the resurgent banking crisis. The risk asset comedown accompanied more mayhem for US regional bank stocks, with PacWest Bancorp falling over 50% on the day. The latest Federal Reserve interest rate hike had added fuel to the fire, with financial commentary resource The Kobeissi Letter arguing that “perhaps this is the equity market worrying that the crisis may not be isolated”.
Key points:
– Bitcoin’s value fell below $29,000 on May 4 as US equities showed nervousness over the resurgent banking crisis.
– PacWest Bancorp fell over 50% on the day.
– The latest Federal Reserve interest rate hike had added fuel to the fire, with financial commentary resource The Kobeissi Letter arguing that “perhaps this is the equity market worrying that the crisis may not be isolated”.