The US banking crisis is what catalyzed the 2023 bull run, according to BitMEX’s Arthur Hayes.
Bitcoin’s rally shows no signs of slowing as it edges toward $90,000 in what is shaping up to be its best weekly run since the United States banking crisis in 2023.
The Bitcoin (BTC) price surpassed the $85,000 record high on Nov. 11, but just as a temporary pit stop. The world’s first cryptocurrency is trading at $88,879 as of 8:14 am UTC, up over 29% during the past week, Cointelegraph data shows.
BTC/USD, 1-month chart. Source: Cointelegraph
The nearly 30% weekly return marks Bitcoin’s best seven-day period since the US banking crisis in 2023, according to Vetle Lunde, the head of research at K33 Research, who wrote in a Nov. 12 X post:
“Bitcoin has seen its best 7-day return since the U.S. banking crisis on March 18, 2023. Bitcoin's market cap has grown by a staggering $413bn in the past week!”
BTC, seven-day market cap change. Source: Vetle Lunde
The March 2023 banking crisis brought the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Signature Bank was also forced to close operations by New York regulators on March 12, two days after Silvergate Bank’s liquidation.
This turmoil was a catalyst for Bitcoin’s bull run last year, according to BitMEX co-founder and former CEO Arthur Hayes.
Related: 63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K