At a time when the world is witnessing the collapse of several banks, the first of which is the American Silicon Valley, coinciding with the exposure of other banks to major tremors, digital currency stocks are rising significantly and clearly, which raises questions regarding the future of these digital currencies.
Bitcoin topped the list of winning digital currencies and recorded strong gains, and its market value rose, accounting for regarding 44.77% of the total market value of cryptocurrencies being traded at the present time.
Over the past year, Bitcoin has seen a massive crash leaving crypto market investors very disappointed regarding the future of their investments.
Ethereum, which ranked second in the list of the largest cryptocurrencies by market capitalization, recorded gains of 3%.
“Bitcoin is a safe haven”
Bitcoin’s total market value also rose to a level exceeding $208 billion, accounting for regarding 18.74% of the combined market value of the currencies being traded at the present time.
The recovery of the cryptocurrency market in the midst of the banking crisis and the size of the achieved gains sparked several readings despite the huge wave of losses that hit the stock markets and global stock exchanges, as investors rushed to assets and safe havens, and the crypto market got new support with the entry of new investors to it.
Today, in light of the panic that struck the financial markets that swept the Bank of Silicon Valley, cryptocurrencies imposed themselves as a haven for investment, especially since market participants believe that in times of economic crisis, digital currencies are a safe way to invest.
In this context, digital currency advisor Nader Al-Dirani says: There is a difference between digital currencies and Bitcoin in particular, which accounts for 50% of the total digital market.
In an interview with Al-Araby from Beirut, Al-Dirani stresses the need to distinguish that no one can control Bitcoin, which makes it a safe haven for investors.
