Banking Crisis in the US and Bitcoin’s Growth

🟩 The looming banking crisis in the US could lead to Bitcoin’s price rising to $100,000. According to the Federal Deposit Insurance Corporation (FDIC), at least 63 US banks were on the brink of insolvency in the first quarter of 2024.

🟩 In response to the bank bankruptcies, the Federal Reserve created the Bank Term Funding Program (BTFP). Arthur Hayes, co-founder and former CEO of BitMEX, believes this measure sparked Bitcoin’s rally in 2023. After the announcement of the BTFP, Bitcoin’s price increased from $19,549 to $31,000 within 20 days.

🟩 Since the start of the banking crisis in March 2023, Bitcoin’s price has risen by more than 148% and has surpassed $71,000. Tardigrade analyst predicts that the next impulse could push it above $100,000.