The US stock market closed trading on Wednesday with a drop in business activity indicators. The Nasdaq and S&P 500 fell almost 1%.
Bitcoin briefly soared above $30,000 the night before. However, on the night of Thursday, April 27, the BTC rate fell below $28,000 amid a surge in seller activity.
At the time of publication of this review, the largest digital currency was trading at around $27,744.
The surge to $30,000 came on Wednesday following reports of the collapse of First Republic Bank. Investors began to look for alternative tools for saving capital and turned their attention to bitcoin.
BTC did not act as a safe-haven asset for long. Already at night, traders switched to the precious metals market. Troy ounces of gold and silver rose to $2,000 and $25.15, respectively.
Reventure Consulting CEO Nick Gurley does not rule out that in the coming days, investors will pump up bitcoin again. They will test BTC and other digital currencies as their skepticism about the future prospects of the traditional banking sector intensifies.
However, Gurley doubts that investors will make a choice in favor of only one bitcoin. Most likely, they will reallocate capital between precious metals, cryptocurrencies and commodities.
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