Bitcoin surges 9% toward key level of $30,000 as crypto market rallies amid fresh banking sector fears

• Bitcoin surged as much as 9% on Wednesday, nearing the important $30,000 level.
• The rally comes as First Republic Bank stokes fresh fears over weakness in the banking sector.
• Investors are also adding risk as they anticipate a Fed pivot, a crypto exec told Insider.

Bitcoin jumped as much as 9% on Wednesday, nearing the key price level of $30,000, as banking sector concerns re-emerged.

First Republic Bank stock nosedived almost 50% on Tuesday and lost another 20% Wednesday, hitting a record low, after reporting higher-than-expected customer deposit withdrawals.