Bitcoin marked a historic milestone after its price
surpassed $69,000 today (Tuesday), according to Coinbase’s data. This surge followed
a broader trend of heightened interest in Bitcoin, notably driven
by the introduction of Bitcoin exchange-traded funds (ETFs) in the
United States.
Bitcoin’s ascent to new heights is mostly driven by the
influx of investments from the latest wave of Bitcoin ETFs in the United States, Cointelegraph reported. These ETFs have emerged as
an important boost to the appreciation of the price of the top crypto asset.
Source: Coinbase
Despite its unprecedented surge to a new all-time
high, Bitcoin remains susceptible to significant volatility, particularly in
light of the upcoming halving event. According to CoinMarketCap, the price of Bitcoin has
jumped 18% in the past week and 1% in the past 24 hours to trade at $67,242 at
the time of this publication.
The impending halving, a key feature of Bitcoin ‘s
protocol that reduces block rewards by half approximately every four years,
poses a challenge and uncertainty for investors navigating the cryptocurrency
landscape.
As Bitcoin’s price surges past its all-time high, institutional investors are seizing the opportunity to dive into the cryptocurrency market through ETFs, Finance Magnates reported. Last week, BlackRock’s Bitcoin ETF experienced a record-breaking inflow of $520 million, underlining the escalating frenzy surrounding Bitcoin.
Source: CoinMarketCap
Market Responds to Bitcoin’s Surge
Bitcoin’s rally past $60,000 on Wednesday not only marked a
milestone in the cryptocurrency’s trajectory but also tested the resilience of
one of the top crypto exchanges, Coinbase. As Bitcoin’s price soared, Coinbase
experienced an unprecedented surge in traffic, leading to technical glitches
and users reporting zero balances on their accounts, Finance Magnates reported.
The surge in Bitcoin’s price triggered a frenzy of activity
on Coinbase, resulting in technical issues that left users unable to access
their account balances. Coinbase confirmed that the problem was a result of a
technical glitch and assured users their funds were safe despite the
display errors.
Brian Armstrong, the CEO of Coinbase, took to Twitter to
address the situation, acknowledging the overwhelming surge in traffic that
exceeded their expectations. Despite having prepared for a significant increase
in activity, Coinbase was overwhelmed by the volume of transactions
and inquiries.
After nearly 12 hours of disruption, the exchange managed to
restore its services, including the resolution of account balance display
issues.
Bitcoin marked a historic milestone after its price
surpassed $69,000 today (Tuesday), according to Coinbase’s data. This surge followed
a broader trend of heightened interest in Bitcoin, notably driven
by the introduction of Bitcoin exchange-traded funds (ETFs) in the
United States.
Bitcoin’s ascent to new heights is mostly driven by the
influx of investments from the latest wave of Bitcoin ETFs in the United States, Cointelegraph reported. These ETFs have emerged as
an important boost to the appreciation of the price of the top crypto asset.
Source: Coinbase
Despite its unprecedented surge to a new all-time
high, Bitcoin remains susceptible to significant volatility, particularly in
light of the upcoming halving event. According to CoinMarketCap, the price of Bitcoin has
jumped 18% in the past week and 1% in the past 24 hours to trade at $67,242 at
the time of this publication.
The impending halving, a key feature of Bitcoin ‘s
protocol that reduces block rewards by half approximately every four years,
poses a challenge and uncertainty for investors navigating the cryptocurrency
landscape.
As Bitcoin’s price surges past its all-time high, institutional investors are seizing the opportunity to dive into the cryptocurrency market through ETFs, Finance Magnates reported. Last week, BlackRock’s Bitcoin ETF experienced a record-breaking inflow of $520 million, underlining the escalating frenzy surrounding Bitcoin.
Source: CoinMarketCap
Market Responds to Bitcoin’s Surge
Bitcoin’s rally past $60,000 on Wednesday not only marked a
milestone in the cryptocurrency’s trajectory but also tested the resilience of
one of the top crypto exchanges, Coinbase. As Bitcoin’s price soared, Coinbase
experienced an unprecedented surge in traffic, leading to technical glitches
and users reporting zero balances on their accounts, Finance Magnates reported.
The surge in Bitcoin’s price triggered a frenzy of activity
on Coinbase, resulting in technical issues that left users unable to access
their account balances. Coinbase confirmed that the problem was a result of a
technical glitch and assured users their funds were safe despite the
display errors.
Brian Armstrong, the CEO of Coinbase, took to Twitter to
address the situation, acknowledging the overwhelming surge in traffic that
exceeded their expectations. Despite having prepared for a significant increase
in activity, Coinbase was overwhelmed by the volume of transactions
and inquiries.
After nearly 12 hours of disruption, the exchange managed to
restore its services, including the resolution of account balance display
issues.
