BTC Hits Record High of $86,477 as Weekly Run Surpasses 30%
As it approaches $90,000 in what is expected to be its biggest weekly run since the US banking crisis in 2023, Bitcoin‘s rise is showing no signs of abating. The record high of $85,000 was briefly broken by the price of Bitcoin on November 11. According to Cointelegraph data, the first cryptocurrency in history is currently trading at $86,477, up more than 24.09% over the previous week. Vetle Lunde, chief of research at K33 Research, claimed in a Nov. 12 X post that the over 30% weekly return is the biggest seven-day run for Bitcoin since the US banking crisis in 2023.
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!
Lunde
Bitcoin Surge Expected Under Trump, with Arthur Hayes Forecasting $1 Million Target
Silicon Valley Bank abruptly failed during the March 2023 banking crisis, and Silvergate Bank voluntarily liquidated. Two days following Silvergate’s liquidation, on March 12, New York regulators likewise ordered Signature Bank to cease operations. According to Arthur Hayes, the former CEO and co-founder of BitMEX, this unrest served as a spur for Bitcoin’s surge last year.
Since Donald Trump’s victory in the 2024 US presidential election, bitcoin has surged, igniting investors’ appetite for risk as they expect more business-friendly and innovative laws in the largest economy in the world. Notably, Hayes believes that Trump’s economic policies may cause the price of Bitcoin to surpass $1 million. According to Hayes, more investors would seek safe-haven assets like Bitcoin as a result of the US’s expanding credit.
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. 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.
Hayes
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