Bitcoin nears $90K, stages best weekly return since US banking crisis
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
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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