Naslovnica Kripto novosti Bitcoin Sets New Record High Near $90,000

Bitcoin Sets New Record High Near $90,000

12 Nov, 2024 Kripto novosti

Bitcoin Sets New Record High Near $90,000

The rally of Bitcoin shows no signs of slowing down as it approaches $90,000, setting the stage for its strongest weekly performance since the United States banking crisis in 2023.

On Nov. 11, Bitcoin surpassed the $85,000 record high, but this milestone served only as a temporary stop.

As of 8:14 am UTC, the world's leading cryptocurrency is trading at $88,879, representing a gain of over 29% for the past week, according to TradingView data.

This nearly 30% weekly return marks Bitcoin's best seven-day performance since the U.S. banking crisis in 2023, noted Vetle Lunde, head of research at K33 Research, who posted on Nov. 12:

“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!”

The banking crisis in March 2023 led to the abrupt collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank.

Additionally, Signature Bank was forced to cease operations by New York regulators on March 12, just two days after Silvergate’s liquidation.

This financial turmoil was a key driver of Bitcoin’s bull run last year, explained Arthur Hayes, BitMEX co-founder and former CEO.

Bitcoin's momentum has accelerated since Donald Trump’s victory in the 2024 U.S. presidential election, spurring increased risk-on behavior among investors who expect more pro-business and innovation-friendly policies in the United States.

Trump's economic strategy could even push Bitcoin’s price to exceed $1 million, according to Hayes, who wrote in a Nov. 12 blog post:

“It took $4 trillion to decrease the debt-to-nominal GDP ratio from 132% to 115%. Let’s say the US reduces it further to 70%, which is where the ratio was in September 2008. Just using a linear extrapolation equates to $10.5 trillion of credit that must be created to accomplish this deleveraging. This is how Bitcoin goes to $1 million because prices are set on the margin.”

Hayes added that increased credit in the U.S. would drive more investors to seek out safe haven assets like Bitcoin:

“As the freely traded supply of Bitcoin dwindles, the most fiat money in history will be chasing a safe haven from not just Americans but Chinese, Japanese, and Western Europeans. Get long, and stay long.”

Quantitative easing, a monetary policy where central banks purchase government bonds to increase liquidity and stimulate the economy, often has a positive impact on Bitcoin.

These liquidity injections typically encourage investors to seek higher returns in alternative assets like Bitcoin.

Sources:

https://cointelegraph.com/news/bitcoin-nears-90-k-best-weekly-return-us-banking-crisis

https://x.com/VetleLunde/status/1856242813245010331

https://www.tradingview.com/symbols/BTCUSD/

https://cryptohayes.substack.com/p/black-or-white?r=aaog1&triedRedirect=true

Natrag na Kripto novosti
Related articles
Bitcoin Rallies to $93,500 New Record High

Kripto novosti

Bitcoin Rallies to $93,500 New Record High

Bitcoin Profit Taking Below Peaks Despite Growth

Kripto novosti

Bitcoin Profit Taking Below Peaks Despite Growth

Bitcoin Spikes to $85,000 Record High

Kripto novosti

Bitcoin Spikes to $85,000 Record High

Bitcoin Jumps to $77,000 After Interest Rate Cut

Kripto novosti

Bitcoin Jumps to $77,000 After Interest Rate Cut

Ne propustite kripto novosti

Pretplatite se na naš newsletter - najbolji način da ste informirani o kripto svijetu. Bez spama. Odjaviti se možete bilo kada.

Kada s nama podijelite svoju e-adresu, pristajete na primanje BITmarketovog newslettera. U našoj Politici privatnosti pročitajte kako obrađujemo vaše podatke

Jako ste nas usrećili 😊

Pretplatite se na naš newsletter - najbolji način da ste informirani o kripto svijetu. Bez spama. Odjaviti se možete bilo kada.

Nešto je pošlo po zlu 😔

Ako problem još uvijek niste riješili, pokušajte kontaktirati našu podršku