The Bitcoin Monthly Report: March 2021

According to reports, Ark Invest released a monthly report on Bitcoin called “THE BITCOIN MONTHLY”, which showed that the settlement amount of Bitcoin in March reached $650 billion, with a transaction volume of about 9 million transactions. At a stable and predictable 1.8% “inflation rate”, about 26000 new BTCs were added, and about 13 million new on chain addresses were added. It also created about $700 million in revenue for miners who ensure network security. In March, Bitcoin prices rose 22%, outperforming bonds and gold, becoming an important safe haven to avoid bank bankruptcy risks. In addition, Bitcoin prices closed above the 200 week moving average ($25400) for the first two consecutive weeks since August 2022.

Ark Investment: Bitcoin settlement amount reached $650 billion in March

Introduction

According to reports, Ark Invest has released its monthly report on Bitcoin, titled “THE BITCOIN MONTHLY”. The report highlights the key developments in the world of Bitcoin in March 2021.

Bitcoin Settlement Amount and Transaction Volume

The report indicates that the settlement amount of Bitcoin in March reached a staggering $650 billion. This was accompanied by a transaction volume of approximately 9 million transactions. These figures are an indication of the increased adoption of Bitcoin as a currency and a store of value.

Inflation and Network Security

The report also reveals that the inflation rate of Bitcoin remains stable and predictable at 1.8%. This translates to the addition of approximately 26,000 new BTCs in March. Furthermore, the on-chain addresses increased by about 13 million. This signifies an increase in the number of users transacting on the Bitcoin network.
The mining of Bitcoin created an impressive $700 million in revenue for the miners who ensure network security. This revenue confirms the increasing profitability of mining as demand for Bitcoin continues to rise.

Safe Haven and Performance

Bitcoin prices in March appreciated by approximately 22%. This performance surpassed that of bonds and gold, making Bitcoin an increasingly important safe haven for investors looking to avoid bank bankruptcy risks.
In addition, Bitcoin prices surpassed the 200 week moving average (set at $25,400) for the first two consecutive weeks since August 2020. This achievement is an indication of the bullish momentum that Bitcoin has been experiencing in recent weeks.

Conclusion

The March 2021 report by Ark Invest titled “THE BITCOIN MONTHLY” highlights the impressive performance of Bitcoin in the first quarter of the year. With increasing adoption, network security and profitability of mining, Bitcoin is poised for further growth in the coming months.

FAQs

1. What is the significance of the settlement amount in Bitcoin?
– The settlement amount reflects the value of transactions conducted using Bitcoin.
2. How does the inflation rate of Bitcoin affect its performance?
– A stable inflation rate indicates that supply and demand are balanced, leading to a predictable growth trajectory for Bitcoin.
3. Why is Bitcoin increasingly seen as a safe haven asset?
– Bitcoin is decentralized, meaning that it operates outside traditional banking systems. This makes it resistant to the risks associated with bank failures.
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