What a week it has been. The cryptocurrency market went on a massive rollercoaster where the market cap ping-ponged tremendously. At the end, it turned out somewhat fine, but what a ride it was. Let’s unpack.

First things first, Bitcoin’s price was trading quietly around $27,500 throughout the beginning of the week, but all that changed on April 26th when it soared toward $28,500. After spending a few hours there, it was up only once again. BTC touched $30K and sent the entire community in disbelief.

The bears got wrecked, and talks of “we’re so back” skyrocketed. Unfortunately, it was all short-lived. During the evening of April 26th – the same day the price pumped, it lost close to $3K of its value in a matter of a single hour. This also had the entire market plummet with it.

Ultimately, it resulted in hundreds of millions worth of liquidated long and short positions. However, that dip was also bought up, and the price is now trading above $29K once again.

Elsewhere, the US financial system continues to struggle in certain aspects. This time, the tension manifested within First Republic Bank. Its problems started earlier in the year and ultimately culminated with other big banks injecting a whopping $30 billion.