Bitcoin Skyrockets As Ark Invest Deems Crypto Safe Haven

Key Points:

• Bitcoin’s upward trajectory continued this week, with the cryptocurrency trading higher and reaching around $28,400, up 3.6% in the past day.
• Ark Invest’s Yassine Elmandjra wrote in the firm’s weekly newsletter that bitcoin’s price appreciation shows its value as a “safe haven” asset, especially in the face of banking crises in the U.S. and Europe.
• Bitcoin settled around $33 billion, facilitated over 600,000 transactions, issued 2,037 new BTC at a steady and predictable inflation rate of approximately 1.8%, attracted around 1 million new addresses, and generated $43 million for miners securing the network.

Bitcoin’s upward trajectory continued this week, with the cryptocurrency trading higher and reaching around $28,400, up 3.6% in the past day. Meanwhile, Ether remained flat at just below $1,800 over the past day.

However, altcoin prices experienced a slip over the past day, with Ripple’s XRP and Polygon’s MATIC trading lower, falling 2.6% and 3.2%, respectively. The only altcoin to buck the trend was Solana’s SOL, which surged over 8% in the past day.

Dog-themed memecoins also faced a downtrend, with Dogecoin and shiba inu dropping 0.5% and 1%, respectively.

Despite the volatility in the market, Ark Invest’s Yassine Elmandjra wrote in the firm’s weekly newsletter that bitcoin’s price appreciation shows its value as a “safe haven” asset, especially in the face of banking crises in the U.S. and Europe. According to Elmandjra, bitcoin’s decentralized, transparent, and auditable ecosystem remains unaffected by lax regulatory oversight.

Elmandjra also highlighted that during last weekend’s bank closures and bank runs, bitcoin settled around $33 billion, facilitated over 600,000 transactions, issued 2,037 new BTC at a steady and predictable inflation rate of approximately 1.8%, attracted around 1 million new addresses, and generated $43 million for miners securing the network.

Ark Invest Founder and CEO Cathie Wood also tweeted that while the U.S. banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks continued to operate without any issues. Wood criticized regulators for failing to focus on the centralized and opaque points of failure in the traditional banking system.

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