Bitcoin soars above $60K as spot ETFs drive trending frenzy, lead to Coinbase crash

New York Post ^ | Thomas Barrabi

[NoLibZone]

Bitcoin blew past $60,000 for the first time in more than two years on Wednesday as the popularity of spot ETFs drove a renewed trading frenzy for volatile cryptocurrencies — and crashed popular crypto exchange Coinbase.

The price of bitcoin soared to nearly $64,000 in the early afternoon, nearing it’s all-time high of $$68,789 in November 2021, before falling to around $61,000 by 6 p.m. That marked an 18% increase in the leading digital currency compared to one week ago and 40% bump compared to a month ago.

In the midst of Wednesday’s rally, Coinbase, one of the largest digital asset exchanges, warned users that its website was experiencing issues – but assured customers that their “assets are safe” after several complained that their digital wallets showed “$0.00.”

[NoLibZone]

It will enjoy a bullish rally until Sept of 2025.

Then go down 80%.

It typically does.

[ridesthemiles]

THE EMPEROR’S NEW CLOTHES

[NoLibZone]

[E. Pluribus Unum]

It will enjoy a bullish rally until Sept of 2025. Then go down 80%. It typically does.

Hmmm.

[usurper]

Then go down 80%.

Guess I'm just too old, these investment makes no sense to me since its not backed by any commodity.

Real-estate makes sense, bonds OK, stocks sure, you own something real. Digital numbers I don't get reminds me of Tulips which were a actual commodity I guess.

The only thing you have to sell is speculation and I never gamble because the casinos never let me win...SOBs

[Vermont Lt]

It is kind of amusing to see the “financial” people act like this mind of volatility is “new” or “dramatic.”

This is how this thing has traded for more than a decade. The ETFs will tend to tone that down a little, but watching the price shoot up this morning was clearly a local blow off top…the drop wasn’t as bad as they used to be. It could still drop deep into the 50s and it would be considered “normal.”

It is not for the feint of heart. It’s best to just not look most days.

[aMorePerfectUnion]

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[aMorePerfectUnion]

If that’s the timeframe, we have a good ride ahead.

[RandFan]

Please add me to your list.

I’m not buying but I may take it for transactions in business.

[E. Pluribus Unum]

Guess I'm just too old, these investment makes no sense to me since its not backed by any commodity.

What is the US dollar backed by?

[E. Pluribus Unum]

It is not for the feint of heart. It’s best to just not look most days.

Buy and hodl.

[aMorePerfectUnion]

Happy to add you for whatever reason you have bro!

[NoLibZone]

80 weeks post the halving.

Cash out.

Re enter at lower,

Rinse and repeat

[NoLibZone]

I’m 66.

My iWatch amazes me!

[who_would_fardels_bear]

The old tried and true SWIFT system wouldn't allow an account, or in this case a wallet, to be out-of-sync with the other wallet in the transacation.

Either both accounts are correctly updated, or neither is.

Seems like this block chain or ETF is not so secure after all.

[who_would_fardels_bear]

The US dollar is backed by the full faith and credit of the United States of America.

Our faith is now woke satanism (which even Satan considers to be cringe).

Our credit is now a multi-trillion dollar debt.

[BipolarBob]

The only thing you have to sell is speculation and I never gamble because the casinos never let me win...SOBs

You sound ungrateful. I had to buy a casino card to eat at a local casino buffet line. They gave me a free token at the slots for signing up. Of course I was very lucky. I got nothing. Imagine if they let me win. I might've got hooked. of course I never gambled again there or spent any of my money, I just went for dining.

[BipolarBob]

Word on the street, Soros and Satan are shorting the dollar.

[E. Pluribus Unum]

The US dollar is backed by the full faith and credit of the United States of America. Our faith is now woke satanism (which even Satan considers to be cringe). Our credit is now a multi-trillion dollar debt.

My point, exactly.

[NoLibZone]

Congress shorts the Dollar.