Bitcoin Soars Amid Banking Turmoil: Ark Invest Report
As the national banking crisis unfolds, Bitcoin has emerged as a beacon of stability and strength, with key data points from Ark Invest’s March report highlighting the cryptocurrency‘s resilience.
During this tumultuous period, Bitcoin settled $650 billion, facilitated around 9 million transactions, and issued approximately 26,000 new BTC at a steady 1.8% inflation rate. The flagship cryptocurrency attracted about 13 million new addresses and generated nearly $700 million in revenue for miners securing the network
In March, bank deposits experienced a 4.1% drop, while the Federal Reserve’s decisions led to Silicon Valley Bank’s bankruptcy and the instability of other regional banks. Despite these challenges, Bitcoin’s value appreciated 49% from a low of $19,500 on March 10th to $29,150 on March 30th, showcasing its potential as a safe haven during financial crises.
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