Bitcoin Drops Below $28K

Bitcoin (BTC) kicked off the U.S. trading week edging below $28,000 – the continuation of a downward spiral that started on Sunday as federal regulators prepared to seize control of First Republic Bank. The largest cryptocurrency by market capitalization was recently trading at about $27,800, down over 5% over the past 24 hours, according to CoinDesk data. BTC had been hovering around $28,500 as U.S. markets opened. Ether (ETH), the second-largest cryptocurrency by market capitalization, followed a similar pattern to bitcoin, dropping more than 4% to change hands at around $1,813 Monday afternoon.

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