Bitcoin Market Cap Rise 60% in 2023 as Top Wall Street Banks Lose $100B
The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. BTC's 66% YTD growth vastly outperforms top Wall Street bank stocks.
Bitcoin has decoupled from United States stocks for the first time in a year.
Bank of America's stock is the worst performer among the Wall Street banking players, with a nearly 17% YTD drop in valuation.
BTC's rise in the face of a growing U.S. banking crisis is similar to how it reacted during banking collapses in Cyprus and Greece.
BTC's price grew by up to 5,000% amid the Cyprus financial crisis in 2013.
Bitcoin's price gained 150% when Greece faced a similar crisis in 2015 and imposed capital controls on citizens to avoid a bank run.