BitMEX co-founder: Bitcoin has been in a bull market since Silicon Valley Bank was taken over in March

According to ChainCatcher, as reported by Cointelegraph, BitMEX co-founder and former CEO Arthur Hayes stated at the 2023 Korea Blockchain Week that Bitcoin has been in a bull market for the past six months, but the market has not yet reacted. He estimates that it will respond within 6 to 12 months.

Hayes believes that this round of Bitcoin bull market began on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation (FDIC). To prevent further collapse in the banking sector, the Federal Reserve established the Bank Term Funding Program (BTFP), offering bank loans for up to one year in exchange for them submitting "eligible assets" as collateral. Hayes noted that since then, the price of Bitcoin has been rising, currently up about 26%, which is why he claims the bull market started that day.