As First Republic Bank shares fell more than 50% on April 25, the price of Bitcoin increased by more than 3% over the previous day. The correlation between Bitcoin and the S&P 500 may be eroding, according to data from crypto analytics company Santiment, as the idea that Bitcoin is a safe haven keeps spreading. Early in March, First Republic started to experience problems, which led to $30 billion being deposited at the struggling bank by 11 of the biggest financial institutions. In its first quarter earnings call, First Republic Bank stated that total deposits had decreased by more than $100 billion and that it would be “pursuing strategic options” to improve its financial position.The bank intends to reduce its office leases, reduce executive salaries, and eliminate 20% to 25% of its workforce in Q2 in order to reduce its balance sheet and reduce costs. According to U.S. Treasury Secretary Janet Yellen, the country’s banking industry is still strong and stable. News Sorce

Since March 31, 2023, the stablecoin economy has lost $2.4 billion in value, with net redemptions occurring in four of the top five stablecoins. There have been redemptions for USDC, BUSD, DAI, and TUSD, with USDC and BUSD seeing the most redemptions. Tether’s (USDT) market capitalization increased by 2.3% to $81.39 billion. The Frax dollar (FRAX) fell by 3.8%, the circulating supply of the USDD decreased by 1%, and the Pax dollar (USDP) increased by 33.9%. Both equity usd (LUSD) and magic internet money (MIM) saw increases of 2.4% and 5.9%, respectively. The $1.19 trillion net value of the cryptocurrency market is made up of 11.02% by the stablecoin market as a whole. News Sorce

Before the SEC vs. Ripple lawsuit is resolved, Edoardo Farina, CEO of Alpha Lions Academy and head of Social Adoption at XRP Healthcare, has issued a warning against selling XRP. The crypto and XRP communities have responded to this, with some siding with Farina and others claiming that it is a waste of time for investors to wait for summary judgement in the ongoing lawsuit. The majority of cryptocurrency analysts and influencers think that the lawsuit hindered XRP’s development and slowed its growth. Several influential members of the cryptocurrency community, including BitBoy and Peter Brandt, have backed XRP. With a $3 minimum target price, Peter Brandt forecast a bullish price movement for the asset. The price of XRP is currently trading in opposition to these optimistic statements, having fallen by 0.91% over the past 24 hours and giving up its 7. day price increase by 10.9%. Technical indicators indicate a bearish trend for the token, with Edoardo Farina indicating a buy signal while the Oscillators indicate a sell. News Sorce