I had a home that had a horizontal crack that went completely around all four walls of the basement foundation at approximately the height. No evidence of bulging or external pressure. Was not active with moisture.
Thoughts…
Were all the walls plumb?
Yes, all the walls were plumb.
Thank you.
SoCal guy 
However, frost line or cold joint first to mind (only a moron would have a cold joint like that though)
I’d probably rationalize what is at the height of said crack that is inline with perimeter crack… soil/frost line etc.
CMU / Poured or ? Pics? Size of crack, does it differentiate and how much.
Poured, aprox crack width, less than 1/4". Appears to be at or above our frost line.
Hmmm… displaced or propagated? I’m thinking cont crack at frost line = repair, as I’m thinking whether there is or isn’t movement… the proximity of the crack is where trouble begins and will reveal as heave or lensing etc.
I don’t deal with freezing concrete, but I’d be in the neighborhood of concern where soils are being allowed to push/displace concrete in an adverse manner. Foundation specialist or engineer IMO… as it sounds like there is either damage TO or conditions conducive TO.
No pictures ?
Can’t copy pics on my iPad, I’ll post from my laptop later.