Bitcoin (BTC) reportedly soared 3.6% to touch $28,400 at 9:25 a.m. EDT on March 19, while Ether stood flat below $1,800, per TradingView. Meanwhile, appreciating the rally, Ark Invest reportedly affirms trust in the cryptocurrency assets ecosystem as a “safe haven.”
Altcoins kept on plummeting on March 19, as XRP (Ripple) and MATIC (Polygon) reportedly fell 2.6% and 3.2%, respectively. BTC kept on soaring with a higher trade mark, prompting Ark Invest to express their firm faith in the week’s rally, terming cryptocurrency a “safe haven” asset.
On March 19, while SOL (Solana) reportedly soared 8%, memecoins Dogecoin and Shiba Inu fell 0.5% and 1%, respectively.
Affirming Ark Invest’s faith in the cryptocurrency assets, Bitcoin and cryptocurrencies are acting as “safe havens,” states Yassine Elmandjra, Analyst, Ark Invest.
In Ark Disrupt, a weekly innovation newsletter, Elmandjra states, In the face of the U.S. and European banking crises, bitcoin’s price appreciation suggests that lax regulatory oversight had no impact on the decentralized, transparent, and auditable crypto asset ecosystem.
In the said Ark Invest newsletter, co-authored by Catherine Wood (Founder, CEO and CIO, Ark Invest),
Elmandjra goes on to state, Last weekend, when many banks were closed, and others were facing bank runs, bitcoin didn’t skip a beat:
it settled ~$33 billion, facilitated ~600k transactions, issued 2,037 new BTC at a steady and predictable ~1.8% inflation rate, attracted ~1 million new addresses, and generated $43 million for miners securing the network.
Sharing her analysis of the incumbent U.S. bank runs and the impressive BTC performance, Catherine Wood tweeted:
While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat. Instability in the banking system threatened stablecoins, the on-ramps to DeFi, in stark contrast to regulator rhetoric https://t.co/r5xwC96Pdj
— Cathie Wood (@CathieDWood) March 15, 2023
Catherine Wood goes on to state in her tweets that regulators are “blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure,” while they actually “should have been focused on the centralized and opaque points of failure looming in the traditional banking system.”
