🌎 Bitcoin Surges as CrowdSpark Outage Highlights Crypto Resilience

While traditional systems scrambled to resolve the CrowdSpark outage, Bitcoin and the cryptocurrency market experienced a notable climb.

On Friday, decentralized technology demonstrated its resilience as a global IT outage disrupted banks, media, travel, and numerous daily operations. Web3 markets surged as Web2 activity slowed significantly in some regions, reportedly impacting over 150 million people. Pro-crypto U.S. Senator Cynthia Lummis highlighted Bitcoin’s (BTC) ability to operate smoothly and avoid centralized points of failure.

“Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin.”

— Senator Cynthia Lummis (@SenLummis) July 19, 2024

The total cryptocurrency market rose over 3%, reaching $2.5 trillion for the first time this month. This market uptick propelled Bitcoin above $66,500, marking a one-month high. Among the top 10 cryptocurrencies by market cap, Solana (SOL) led the gains, surging more than 9% to reclaim $170. Meanwhile, Ethereum (ETH) experienced a 3% price increase, reaching $3,500.

BTC Rises Amid CrowdSpark Outage

PAAL AI Launchpad recorded the largest gains in the cryptocurrency market on Friday, with data showing a boom of over 103%. Ecosystems such as TRY Stablecoin, Decentralized Identifier, Farming-as-a-Service, and Pump.fun memecoins also saw significant rises of at least 20%, as the digital asset market enjoyed a positive day. Conversely, the S&P 500 and global stock markets experienced slight declines due to the CrowdSpark incident.

“It seems as if there is a global outage with several IT systems down. Airlines, banks, emergency responders & media outlets. But #Bitcoin keeps working. Block by Block.”