Cryptocurrency Market Rises as Microsoft Outage Causes Chaos in Traditional Markets
On Friday, a widespread outage on Microsoft-based machines sent shockwaves through various industries, causing disruptions in aviation, railways, and finance sectors. The outage was not caused by hackers but rather by a failed update released by cybersecurity firm CrowdStrike.
Amidst the chaos, the cryptocurrency market saw a significant surge, with Bitcoin (BTC) rallying to over $67,000, marking a 5.5% increase in just 24 hours. The BlackRock’s spot BTC ETF, Ishares Bitcoin Trust (IBIT), and Fidelity’s Wise Origin Bitcoin Fund (FBTC) also experienced massive trade volumes, with millions of dollars flowing into these funds.
Altcoins also saw gains, with SOL leading the pack with an 8.5% increase, crossing the $170 mark for the first time since June. Ethereum (ETH) also saw a modest increase, crossing the $3,500 mark again.
The cryptocurrency market’s rise on Friday came as a relief after a tumultuous week that saw tech stocks sell-offs in the US. Despite the drop in equities indices like the S&P 500 and Nasdaq Composite, the crypto market remained resilient.
Crypto enthusiasts and experts noted the growing traction of institutional crypto products, especially as traditional markets faced disruptions from the Microsoft outage. Charles Edwards, founder of Capriole Investments, highlighted the sudden surge in Bitcoin’s price as traditional systems failed, questioning if institutions were turning to Bitcoin as a safe haven asset.
Overall, the incident shed light on the importance of decentralized technology in resisting single points of failure, showcasing the resilience of cryptocurrencies in times of crisis.
