"I hope it goes up again, don't suddenly come down."
After tech giants Google and Microsoft saw encouraging first-quarter earnings, the price of cryptocurrency king Bitcoin (BTC) finally climbed back above $28,000 after hovering around $27,000 previously.
Explained in more detail, the BTC price increase occurred when Google and Microsoft's first quarter earnings slightly exceeded analysts' expectations, where around $11.3 million BTC short positions were liquidated.
First Republic Bank (FRC) which reported that its shares plunged almost 50% and that their quarterly results had lost $100 billion in deposits was also one of the reasons why the price of BTC could rise.
Even so, the main equity indices saw declines as the S&P 500 and Nasdaq slipped 1.5% and 1.9% respectively while the Dow Jones slipped around 1%.
According to Edward Moya, Oanda's senior market analyst said that the FRC issue means the Federal Reserve (Fed) may reduce interest rate hikes during the next Federal Open Market Committee (FOMC) meeting.
While the Chief Executive Officer (CEO) of Truflation, Stefan Rust thinks this is the time for the crypto market to soar high following the current fiat world struggling with debt and bank collapse.
As of this writing, BTC price has surged by 3.04$% at $28,286 in the last 24 hours with a market cap of $547 billion but is still down 6.66% over the last week.
In addition, the second largest crypto Ethereum (ETH) is up around 1.22% at $1,864 in the last 24 hours while Ripple (XRP) gained 1.51% at $0.46 with a market capitalization of $24 billion.
