Originally published on: November 12, 2024
Bitcoin continues its upward trend, inching closer to the $90,000 mark and setting a record for its best weekly run since the US banking crisis in 2023.
Surpassing the previous record of $85,000 on Nov. 11, Bitcoin is currently trading at $88,879 as of 8:14 am UTC, showing an impressive 29% increase over the past week, according to data from Cointelegraph.
This remarkable nearly 30% weekly return marks Bitcoin’s strongest seven-day period since the US banking crisis in 2023, as noted by Vetle Lunde, the head of research at K33 Research.
The turmoil caused by the banking crisis in March 2023, which led to the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank, has been identified as a catalyst for Bitcoin’s previous bull run by industry experts.
Bitcoin’s recent surge can be attributed to factors such as the outcome of the 2024 US presidential election, which has fueled investor optimism and risk-taking behavior amidst expectations of business-friendly regulations.
Experts predict that Bitcoin’s price could surpass $1 million under Trump’s economic policy, as more investors seek safe-haven assets amid increasing credit in the US. This could further boost Bitcoin’s price and attract more investors to the cryptocurrency market.
Quantitative easing measures implemented by central banks to stimulate economic activity through liquidity injections have also contributed to Bitcoin’s price increase, as investors seek higher returns in alternative assets.
The future of the crypto industry under the leadership of Trump or Kamala Harris remains uncertain, but Bitcoin’s bullish trajectory shows no signs of slowing down.
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