Bitcoin touched $30,000 briefly on Wednesday but fell on Thursday.
A recent report by Reuters suggested that US officials have held urgent discussions to rescue crisis-stricken First Republic Bank. It is still unclear if the US government will rescue the lender, but the negotiations have emboldened the bank’s executives.
Patel added that support for Bitcoin is anticipated at $29,250 and resistance at $29,800.
“The next FOMC meeting which is scheduled for the first week of May will be closely watched by the crypto community. Any decision on a rate hike may have an immediate impact on the crypto market,” said Shivam Thakral, CEO of crypto exchange BuyUcoin.
“Franklin Templeton, which manages $1.4 trillion in assets, announced on Wednesday that its OnChain US Government Money Fund is now supported on the Polygon network, giving investors access to the Ethereum blockchain. The company stated that integrating blockchain technology into its system would result in operational efficiencies such as increased security, faster transaction processing, and reduced costs,” CoinDCX said.
“Google Cloud has partnered with Polygon Labs to simplify the process of building, launching, and scaling Web3 products and decentralized applications (dapps) on the Ethereum-based layer 2 blockchain,” said Parth Chaturvedi, crypto ecosystem lead at crypto exchange CoinSwitch.