Good morning. Here’s what’s happening:

Prices: Bitcoin’s recent surge has returned it to its former perch of above $28K. Ether rallied as well.

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Bitcoin Surges but will the rally continue?

After five days of lingering under $28,000, Bitcoin (BTC), went on a surprise upward ride and took most of the rest with it.

Recent trading of the largest cryptocurrency, measured by market capitalization, was above $28,300. This is an increase of about 3.7% in the last 24 hours. It was difficult to determine the origins of this surge. BTC started to rise less than 24 hours following the embattled First Republic Bank’s announcement that it lost $100 billion of deposits in its first quarter earnings on Monday. This raised concerns about banking sector stability. Cryptos rose last month amid a series of U.S. regional bank collapses as investors sought to find assets that would hold their value.

In an email sent to CoinDesk, Jake Boyle of Caleb & Brown retail crypto brokerage wrote: “With First Republic Bank appearing to be in danger of going under, I suspect that the market anticipates yet more liquidity injections in order to support what appears to be a banking sector in America still in the throess of crisis.” Bitcoin, therefore, is ahead of these expectations. The cracks in the system are becoming more visible, even though they may be subtle at this time. It will be very difficult for [the Federal Reserve] to continue its current tightening regime.

Boyle said: “Bitcoin’s recent rally has more to do about liquidity injections and growing expectations that the Fed’s tightening is likely to have to end pretty soon. Otherwise, even greater turbulence could occur in the banking industry.”

Data from the analytics firm Coinglass showed that around $11.3 million in BTC short positions have been liquidated as of 4 p.m. ET. Price increases have been accelerated by short squeezes in the past.

Ether (ETH), the native crypto of Cardano’s smart contracts platform, was trading at $1,870 recently, an increase of 1.8% compared to Monday. SOL, a native token on the Solana Blockchain, and ADA (the native crypto for the Cardano Smart Contracts Platform) both rose more than 3%. The CoinDesk Market Index is a measure for the overall performance of the crypto markets. It was up by 2.6%.

The Nikkei & Hang Seng indexes fell slightly in early Asia trading. The Nasdaq Composite, which is a tech-heavy index, fell nearly 2%.

Glenn Williams, an analyst at CoinDesk, highlighted in his weekly column that two technical indicators pointed to a bitcoin recovery. Williams stated that BTC’s “recent decline was accompanied by an expected drop in the momentum but also coincided with a movement towards the lower end Bollinger Band. Bollinger Bands are calculated by plotting the asset’s moving average over a 20-day period and calculating two standard deviations either above or below that average. The price of an asset is expected to remain within two standard deviations from the average 98% the time. A breach above or beneath the average is notable.

Williams wrote “bitcoin’s nearing the lower Bollinger Bands range raises doubts about its near-term course.” He added, however, that technical analysts can expect BTC to rise, though slowly, to its 20-day average, given recent history.

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