TechFlow news: Arthur Hayes, co-founder and former CEO of BitMEX, said at the 2023 Korea Blockchain Week that Bitcoin has been in a bull market for the past six months or so, but the market has not yet reacted. He estimates it will take between six to twelve months for the market to respond.
Hayes believes this Bitcoin bull run began on March 10—the day Silicon Valley Bank (SVB) was taken over by the U.S. Federal Deposit Insurance Corporation (FDIC).
To prevent further potential 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 "qualifying assets" submitted by banks as collateral.
Since then, Hayes noted, Bitcoin's price has been rising, with a current increase of approximately 26%.
