Bitcoin nears $90K with best weekly return since US banking crisis, positive.

From Cointelegraph
November 12, 2024 03:41:19 AM:

Bitcoin continues its impressive rally, nearing $90,000 in its best weekly performance since the 2023 US banking crisis. The price surpassed $85,000 but now stands at $88,879, marking a 29% increase in just one week. The surge in market cap has been $413 billion, the highest in a week since the banking crisis.

The 2023 banking crisis, which saw the collapse of Silicon Valley Bank and Silvergate Bank, triggered a bull run in Bitcoin. This turmoil led to Signature Bank closing operations, setting the stage for Bitcoin’s rise. Arthur Hayes, BitMEX co-founder, credits this crisis for igniting Bitcoin’s bullish trajectory in the previous year.

Following Donald Trump’s 2024 US presidential win, Bitcoin’s value has soared, with predictions of reaching $1 million due to Trump’s economic policies. Hayes believes that the US’s increasing credit will drive investors towards Bitcoin as a safe haven asset. The dwindling supply of Bitcoin will attract a flood of fiat money from various regions, further boosting its value.

Read more at CoinTelegraph: Bitcoin nears $90K, stages best weekly return since US banking crisis