Bitcoin Nears $90K with Best Weekly Return Since 2023 Banking Crisis

According to Cointelegraph: Bitcoin's rally shows no signs of slowing as it closes in on the $90,000 milestone, staging its strongest weekly performance since the U.S. banking crisis in 2023. The leading cryptocurrency reached $88,879 on November 11, marking a 29% increase over the past week, according to Cointelegraph data. This performance, highlighted by K33 Research’s Vetle Lunde, marks Bitcoin's best seven-day return since the March 2023 collapse of Silicon Valley Bank and the liquidation of Silvergate Bank.Catalysts for Bitcoin’s Bull Run: From Banking Crisis to Trump’s WinThe March 2023 banking crisis catalyzed Bitcoin’s bullish momentum, as investors turned to Bitcoin amidst financial instability. Arthur Hayes, BitMEX co-founder, highlighted that this event spurred a shift toward Bitcoin as a secure alternative asset.The recent election of Donald Trump has further fueled Bitcoin’s ascent. Investors are anticipating more business-friendly policies and potential pro-crypto regulations, which Hayes suggests could push Bitcoin’s price even higher. He speculates that quantitative easing under Trump’s administration could drive Bitcoin past the $1 million mark. Hayes explained that a large-scale increase in U.S. credit could lead to a demand surge for safe-haven assets like Bitcoin, as global investors seek protection against inflation and financial instability.Impact of Quantitative Easing on BitcoinQuantitative easing (QE), a monetary policy where central banks purchase government bonds to inject liquidity, often boosts Bitcoin’s price by increasing the supply of fiat money. This influx of liquidity typically prompts investors to seek returns in alternative assets, benefiting Bitcoin.As Bitcoin continues to climb, its appeal as a hedge against economic uncertainty grows, supported by increasing institutional interest and favorable political developments in the U.S.