Daring Bitcoin Bulls: BTC Price To Reach $1M?

Bitcoin (BTC) may reach million-dollar price tags again as the United States regional banking sector faces a potential crisis. New York Community Bancorp. (NYCB), which acquired the failed crypto bank Signature last year, has seen its stock value plummet by 30% in just five days. This decline is reminiscent of the banking crisis that occurred a year ago. The performance of NYCB and its connection to the crypto industry is causing concern among Bitcoin enthusiasts. Arthur Hayes, former CEO of BitMEX, believes that the non-renewal of the Bank Term Funding Program by the Federal Reserve will set the stage for a repeat of the crisis, and he predicts a potential BTC price dip to $30,000 in March. NYCB’s losses and its downgrade to junk status by Moody’s have led Hayes to reiterate his forecast of a $1 million BTC price.

While the instability in the U.S. banking sector is noteworthy, other countries are also experiencing financial issues. China’s CSI 1000 index has lost $7 trillion since the fourth quarter of last year, with an 8% drop in a single day on February 5. Bitcoin has yet to show significant price movement in response to these macroeconomic triggers, despite the recent launch of U.S. spot exchange-traded funds. Bitcoin’s price has remained within a defined daily range for over 150 days.

The potential crisis in the U.S. banking sector and the economic unrest in China have not had a significant impact on Bitcoin’s price. Bitcoiners are closely watching the developments in the banking industry, and Hayes maintains his bold prediction of a $1 million BTC price.