As a seasoned researcher who has witnessed numerous IT outages and their impact on traditional financial systems throughout my career, I find myself increasingly impressed by the resilience and potential of decentralized technologies like Bitcoin during times of crisis.
As conventional systems worked diligently to address the CrowdSpark disruption, the value of Bitcoin and the cryptocurrency market continued to rise.
On Friday, decentralized technology proved its worth yet again in the face of a widespread IT disruption that affected various sectors, including banking, media, travel, and daily activities.
In recent times, there has been a significant surge in the Web3 market, with the activity in the Web2 sector slowing down considerably in certain regions around the world. This shift has reportedly impacted over 150 million people. Amidst this situation, Senator Cynthia Lummis from the United States, who is pro-crypto, took the opportunity to emphasize Bitcoin’s (BTC) capacity for smooth operation and its ability to bypass centralized points of failure.
Have you heard that Bitcoin, among all forms of currency, remains unaffected by extensive cyber disruptions according to recent occurrences? (Vires in Numeris: “strength in numbers”)
— Senator Cynthia Lummis (@SenLummis) July 19, 2024
Bitcoin hits one-month high
As a seasoned investor with a deep interest in cryptocurrencies, I have witnessed some remarkable market shifts throughout my journey. This month, I’ve been thrilled to observe the total crypto market value surpassing $2.5 trillion for the first time – an increase of over 3%. The widespread uptick in the market has significantly boosted Bitcoin, pushing its price above $66,500, marking a new one-month high.
On Friday, the PAAL AI Launchpad crypto market experienced the most significant growth among all cryptocurrencies, with a surge of more than 103%. The data indicates an impressive boom within the sector, which continues to rise as of the present moment.
The cryptocurrency market saw significant growth with TRY Stablecoin, Decentralized Identifier, Farming-as-a-Service, and memecoin projects like Pump.fun rising by at least 20%. Conversely, the S&P 500 and international stock markets experienced minor declines due to the negative impact of the CrowdSpark incident.
It appears that multiple IT systems around the world are experiencing outages, affecting various industries such as airlines, banking, emergency services, and media outlets. However, Bitcoin continues to function smoothly, block by block.
— Nic (@nicrypto) July 19, 2024
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2024-07-19 21:18