Despite some volatility in price, bitcoin has risen 7% in the past seven days, trading in a range of between $27,000 and $30,000. The world’s largest cryptocurrency by market value rose 1.2% over the last 24 hours to $29,307. Some analysts say instability in traditional banks has helped bitcoin, which is seen as an alternative to traditional finance. One troubled bank is San Francisco-based First Republic Bank (FRC), whose shares dropped 50% on Tuesday after it revealed its deposits fell by $100 billion in the first quarter. That comes as the broader economy is slowing down. On Thursday, the Commerce Department said the U.S. economy grew at a 1.1% annualized rate in the first quarter, below analysts’ estimates of 1.9%.
