The total market capitalization of BTC increased by $194 billion in 2023. Its 66 per cent annual growth rate so far this year is much higher than Wall Street's top banks, especially amid growing anxiety about the woes of the world's banking sector.

In addition, Bitcoin, which is linked to the US stock market for the first time in a year, has risen by about 65 per cent, while S, S and Nasdaq rose 2.5 per cent and 15 per cent respectively in 2023.

Wall Street banks lost $100 billion in 2023.

According to data collected by CompaniesMarketCap.com, the stock market capitalization of one of the six largest banks in the United States-JPMorgan, Bank of America, Citigroup, Fortune Bank, Morgan Stanley and Goldman Sachs-has lost nearly $100 billion since the beginning of this year.

Bank of America shares were the worst performers on Wall Street, with valuations down nearly 17 per cent year-on-year. Goldman Sachs is slightly inferior, down nearly 12% from a year earlier, including Fortune Bank (9.74%), JPMorgan Bank (6.59%), Citibank (3.62%) and Morgan Stanley (0.84%).

In the environment of the continuous collapse of the US regional banking industry, the valuation of the US banking market has declined. This mainly includes the announcement last week that Silvergate, a friendly bank, was about to close, and then regulators took over Signature Bank and Silicon Valley Bank of America.

With first Republic Bank on the verge of collapse and its woes widening, banks such as Wells Fargo, JPMorgan Chase, Bank Of America and Citigroup invested $30 billion to save the bank at the last minute.

A coincidence between Cyprus and ancient Greece?

In response to the growing woes of the US banking sector, the rise of Bitcoin is similar to his response to the collapse of banks in Cyprus and ancient Greece.

During the Cyprus financial storm in 2013, BTC prices rose by as much as 5000% because of the openness of Cypriot banks to regional property companies that were too leveraged.

In March 2013, the situation was so grim that the Cypriot government closed all banks to prevent banks from crowding out.

In 2015, when ancient Greece encountered similar difficulties and imposed foreign exchange controls on Chinese citizens to prevent banks from crowding out, the price of bitcoin rose by 150%.

Ilan Solot, head of the Marex Digital currency Association, a London-based dealer, commented: "anxiety about the reliability of the bank management system, coupled with a reduction in connotative returns, has created a good environment for the rebound of Bitcoin." Such data encryption is "seen by some investors as hedging against systemic risk", he added.