Bitcoin and Ethereum: Crypto markets enjoy First Republic bounce

Bitcoin’s breakout performance in 2023 was partially a result of turmoil in the traditional financial markets following a spate of crises hitting Silicon Valley Bank, Signature Bank and, most critically, Credit Suisse. A run on deposits saw investors turn to what they considered safe-haven assets to guard against further TradFi turmoil, with gold and bitcoin pipped as the short-term saviours.