As the global economy faces increasing amounts of instability, many are turning to cryptocurrency as a safe haven asset. Bitcoin's performance in the chaotic market of March reflects this tendency, with the cryptocurrency peaking 49% and settling a total of $650 billion. As a result, significantly more individuals and institutions are turning to Bitcoin as an alternative asset and store of value. This is supported by the growth in long-term holders, reaching a 70% of the total circulation supply, while a reported 277,000 transactions were made, the highest level since 2021.

Since the start of the economic instability, banks have been facing further stress as depositors have been increasingly withdrawing money in what is being seen as the largest year-over-year fall since 1948. With traditional financial systems increasingly unstable, cryptocurrency is becoming a more attractive option for people to store their value.

Ark Invest's report also highlights that more decentralized, transparent, and auditable financial services are in high demand due to the banking crisis driven by the Federal Reserve's decisions. As more people turn to alternatives to traditional banking, Bitcoin is continuing to demonstrate its potential as a safe haven asset. This is reflected in the rising number of new addresses in the network, reaching around 13 million, as miners bring in $700 million in earnings.

In the face of global economic turmoil, the potential of cryptocurrency has been reaffirmed with Bitcoin emerging as a reliable asset and an attractive alternative to traditional banking systems. By providing transparency and auditability, Bitcoin is exhibiting its power as a beacon of stability and growth.



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