ARK Invest CEO Cathie Wood says that Bitcoin (BTC) an Ethereum (ETH) have continued to chug along even amid the crises faced in the legacy markets.
In a new episode of In the Know, Wood seet the Bitcoin and Ethereum networks are functioning as expected and are not in any way affected by the high-profile collapse of Silvergate Bank and Silicon Valley Bank.
“The Bitcoin blockchain and Ethereum, those two blockchains have not skipped a beat. There have been no transactions interrupted. The smart contracts, which are rules-based, when there’s a margin call – a stock goes down or something drops in value – there’s an automatic margin call. It just happens automatically in this over-collateralized system…
What has happened with the Bitcoin and Ethereum blockchains is they serve as proof of concept. They have not stopped. Transactions that were supposed to take place are taking place seamlessly and the health of the network is still very strong.”
Wood also says that what happened in the legacy markets last week, where people witnessed the meltdown of two publicly traded banks, bodes well for the future of crypto.
"Kuerzfristeg Signaler, On-Chain Signaler kéinten e bëssen negativ ginn, well Krypto net immun ass vu Liquiditéitsdrock allgemeng an der traditioneller Welt, awer dës Iddi vun dezentraliséierter an transparenter, déi mir gleewen digital Portemonnaie ënnerstëtzen, huet just kritt méi e Beweis vum Konzept, méi zentraliséiert Entitéite ginn ënner.
At time of writing, Bitcoin is trading for $22,391 while Ethereum is worth $1,600. Both crypto assets are up over 9% in the last 24 hours.
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Source: https://dailyhodl.com/2023/03/13/ark-invests-cathie-wood-says-bitcoin-and-ethereum-have-not-skipped-a-beat-amid-us-banking-crisis/