The Bitcoin rally in 2023 is impressive. The cryptocurrency held up well during a suitable time for investors when a banking crisis occurred in March. This situation gave Bitcoin particular importance as a safe-haven asset.
The data confirms that Bitcoin was remarkably stable when Silicon Valley Bank (SVB) and other companies faltered in March. And the Federal Reserve expanded its balance sheet by $300 billion.
According to ARK Investment Management, in March, Bitcoin facilitated 9 million transactions, issued 26,000 new BTC, settled $650 billion, attracted 13 million new addresses, and generated $700 million for miners securing the network. Another bonus in favor of Bitcoin: the notion that cryptocurrency was the cause of increased pressure in banking systems has been dispelled.
This is an argument that some regulatory bodies rely on. At the same time, some market observers challenge this view, noting that additional rules may be required concerning traditional banking operations. Regulators were quick to blame cryptocurrency for the banking crisis.
It is important to note that Bitcoin’s 22% increase in March, during the month, was almost uncorrelated with stocks. This indicates that Bitcoin has built a more robust foundation as a reliable safe-haven asset. Compared to the traditional banking system, Bitcoin as an asset proved to be relatively safe.
During 2023, the number of transactions on the Bitcoin network reached over 250,000. The peak of transactions in March was 277,000. Currently, the total market capitalization of cryptocurrencies is $1.15 trillion, and Bitcoin’s dominance level is 45.9%.
The material has been provided by InstaForex Company – www.instaforex.com
The Bitcoin rally in 2023 is impressive. The cryptocurrency held up well during a suitable time for investors when a banking crisis occurred in March. This situation gave Bitcoin particular importance as a safe-haven asset.
The data confirms that Bitcoin was remarkably stable when Silicon Valley Bank (SVB) and other companies faltered in March. And the Federal Reserve expanded its balance sheet by $300 billion.
According to ARK Investment Management, in March, Bitcoin facilitated 9 million transactions, issued 26,000 new BTC, settled $650 billion, attracted 13 million new addresses, and generated $700 million for miners securing the network. Another bonus in favor of Bitcoin: the notion that cryptocurrency was the cause of increased pressure in banking systems has been dispelled.
This is an argument that some regulatory bodies rely on. At the same time, some market observers challenge this view, noting that additional rules may be required concerning traditional banking operations. Regulators were quick to blame cryptocurrency for the banking crisis.
It is important to note that Bitcoin’s 22% increase in March, during the month, was almost uncorrelated with stocks. This indicates that Bitcoin has built a more robust foundation as a reliable safe-haven asset. Compared to the traditional banking system, Bitcoin as an asset proved to be relatively safe.
During 2023, the number of transactions on the Bitcoin network reached over 250,000. The peak of transactions in March was 277,000. Currently, the total market capitalization of cryptocurrencies is $1.15 trillion, and Bitcoin’s dominance level is 45.9%.
The material has been provided by InstaForex Company – www.instaforex.com
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