Bitcoin As Safe Haven Asset On The Spotlight As BTC Crosses $43K

Christian Encila

Last Updated: June 11, 2024 2:17 pm

2 mins read

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According to figures from Coinbase and Coindesk, cryptocurrency values have risen nearly as swiftly as they fell, with some analysts referring to Bitcoin’s capacity to act as a safe haven asset during times of global turmoil.

The cryptocurrency market cap reached $1.7 trillion today, indicating that the broader crypto industry has rebounded nicely.

Bitcoin is active today, trading at $43,232.38, up by 14.40% since Monday. It is within the boundaries of a bullish trend that may affect the cryptocurrency market until the coming weeks.

BTC posted a high of $43,760.46 and a low of $37,585.36. Its market capitalization at present is $820.17B.

As for Ethereum, it also showcased bullish trends with a current price of $2,919.47, which also had an 11.69% increase in the past 24 hours.

It has highs reaching $2,972.33 and lows of $2,571.94; its market capitalization is on a high note, at $343.74 billion.

Safe Haven Asset Tested

The impact of Russia’s invasion of Ukraine was felt by markets worldwide. The Bitcoin market was not spared, with its market capitalization dropping below $1.5 trillion.

However, as evidenced by Tuesday’s positive price increase, Bitcoin has recovered enormously.

Greater volatility in the global cryptocurrency market will undoubtedly increase as the war continues, resulting in substantial increases in the prices of Bitcoin and Ethereum.

Thanks to a last-minute rebound seen earlier today, the cryptocurrency market has recovered from its earlier losses. Bitcoin hit a critical support zone, resulting in a buying frenzy among crypto investors that signaled the rally’s start.

BTC total market cap at $823.41 billion in the daily chart | Source: TradingView.com

Heavy Liquidations

According to Coinglass data, 94,769 traders liquidated in the last 24 hours, totaling $439.61 million. Longs accounted for $155.45 million, or 35.36% of the total, with shorts accounting for the balance.

It also showed that most liquidation happened during the close of trading of the New York Stock Exchange Friday, and the start of the Asian Exchange when the price of Bitcoin soared dramatically.

Ruble Collapses, Bitcoin Up

After a stunning price increase that coincided with a significant drop in Russia’s currency, Bitcoin now has a higher market valuation than the Russian Ruble.

A significant increase in traffic yesterday as Russians race to trade their rubles for cryptocurrencies as the fiat currency falls under harsh economic penalties could be one of the reasons for the russian crypto exchange failing offline.

Meanwhile, some analysts said that this is an indication that cryptocurrencies are being used to transport money across borders and as a means to safeguard and store the value of money when traditional currencies fail.

Featured image from MSN, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.