BTC and ETH Lead Crypto Market’s Independent Surge, Separate from S&P 500

In the wake of a rough day for US stock markets, the cryptocurrency market has shown signs of life, with BTC surging towards $28.5k and ETH closing in on $1,900. According to Santiment, these surges without reliance on the S&P 500 are ideal for the market’s independent sustainability.

On Tuesday, the Dow Jones Industrial Average fell 344.57 points, or 1.02%, to end at 33,530.83. The S&P 500 finished 1.58% lower at 4,071.63. The Nasdaq Composite dropped 1.98% to close at 11,799.16. The downturn was sparked by First Republic Bank’s latest quarterly results, which showed deposits dropping 40% to $104.5 billion in the first quarter.

First Republic Bank’s shares tumbled more than 49% after the announcement, and the bank announced plans to trim expenses, including slashing headcount by 20% to 25% in the second quarter. Additionally, Bloomberg News reported that the bank was trying to sell as much as $100 billion of loans and securities to restructure its balance sheet.

Investors have been closely watching First Republic Bank, concerned that it could face the same fate as Silicon Valley Bank and Signature Bank, whose closures set off an industry crisis last month. First Republic shares have collapsed more than 93% so far this year.

In contrast to the stock market’s troubles, the crypto market’s upward trend suggests that it is becoming increasingly independent of traditional markets. This could be seen as a positive sign for the crypto market’s sustainability and longevity, as it becomes more resilient to external economic factors.

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