Bitcoin Nears $90K, Posts Best Weekly Gain Since US Banking Crisis
Date: 2024-11-12 Author: Henry Casey Categories: CRYPTO PAYMENTS
Bitcoin continues its upward march, approaching the $90,000 mark and posting its best weekly performance since the US banking crisis in 2023.
Bitcoin's price surpassed its all-time high of $85,000 on November 11, but that was just a stopgap. According to Cointelegraph, the world's number one cryptocurrency is trading at $88,879 as of 8:14 UTC, up more than 29% in the past week.
As Vetle Lunde, head of research at K33 Research, noted in a post on November 12, the nearly 30% weekly gain was Bitcoin’s best seven-day performance since the US banking crisis of March 2023. Lunde added: “Bitcoin’s market cap has risen by an astonishing $413 billion in the last week!”
The March 2023 crisis began with the dramatic collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. New York regulators also shut down Signature Bank on March 12, two days after Silvergate’s liquidation.
These events were the catalyst for Bitcoin’s bull run last year, according to Arthur Hayes, co-founder and former CEO of BitMEX.
