30s Summary

Bitcoin’s value has nearly reached $90,000, marking its most successful week since the US banking crisis in 2023. The cryptocurrency passed its previous high of $85,000 on November 11th, trading at $88,879 as of 8:14 am UTC, a 29% increase in a week. The 2023 banking crisis, which prompted Bitcoin’s rise, involved the liquidation or shutdown of several key banks.

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Bitcoin’s hot streak isn’t slowing down, as it’s almost touching $90,000. This is turning out to be an awesome week for Bitcoin, the best since the US banking mess in 2023.

The price of Bitcoin cruised past its previous high of $85,000 on November 11th. But that’s not the end of the road. Now, it’s traded at $88,879 as of 8:14 am UTC, a 29% increase this week, according to data from Cointelegraph.

This nearly 30% spike in just a week is the best we’ve seen since the US banks had issues in 2023. That’s what Vetle Lunde from K33 Research said in a post on November 12th.

“Bitcoin has seen its best 7-day return since the US banking crisis on March 18, 2023. Bitcoin’s market value has skyrocketed by an unbelievable $413 billion in just one week!”

To give you a bit of context for this crazy growth, remember the 2023 banking crisis? When Silicon Valley Bank went under and Silvergate Bank chose to liquidate their assets? Even Signature Bank had to shut down their operations because of New York regulators. That was on March 12th, only two days after Silvergate Bank’s liquidation.

This shocking scenario prompted last year’s Bitcoin surge, says Arthur Hayes, co-founder and former CEO of BitMEX.