Odaily Planet Daily News BitMEX co-founder and former CEO Arthur Hayes said at Korea Blockchain Week 2023 that Bitcoin has been in a bull market for the past 6 months or so, but the market has not yet reacted, according to his estimates Will respond within 6 months to 12 months.
Hayes believes that Bitcoin’s current bull run began on March 10, the day Silicon Valley Bank (SVB) was taken over by the FDIC. To head off a possible further collapse in the banking sector, the Fed instituted the Bank Term Funding Program (BTFP), offering bank loans of up to a year in exchange for them submitting “qualifying assets” as collateral. Since then, the price of Bitcoin has been on the rise, currently up about 26%, Hayes said, which is why he claims the bull market started that day. (Cointelegraph)