In the midst of a national banking crisis, Bitcoin showed stability, paying $650 billion and securing 9 million transactions in March. This highlights the resilience of the cryptocurrency, with about 26,000 new BTC issued at a stable inflation rate of 1.8%. What’s more, Bitcoin has attracted about 13 million new addresses and generated nearly $700 million in revenue for the miners who keep the network secure.
As traditional banking faces challenges, the demand for transparent, verifiable and decentralized financial services is fueling the value of Bitcoin and the growth in the number of transactions. The number of transactions on the Bitcoin network has consistently exceeded 250 thousand throughout 2023 and reached 277 thousand in March, indicating that consumers are looking for alternatives to traditional financial systems.
The long-term supply of bitcoin holders has reached an all-time high, with nearly 70% of the total circulating supply remaining dormant for a year, signaling growing confidence in the cryptocurrency’s potential as a store of value.
Despite the challenges, the value of Bitcoin rose 49% from $19,500 on March 10 to $29,150 on March 30, demonstrating its potential as a safe haven during financial crises. As depositors withdraw their money from banks, resulting in a 4.1% drop in bank deposits and the biggest annual decline since 1948, Bitcoin has emerged as an attractive investment alternative. This shift is reportedly putting additional strain on the traditional banking system and causing institutions such as Silicon Valley Bank to collapse.
The post Bitcoin Soars Amid Banking Turmoil: Ark Invest Report appeared first on Coin Edition.
