Bitcoin experienced a significant surge on July 19, 2024, rising by over 6% and crossing the $65,000 mark to reach over $67,000. This price increase coincided with a global IT outage on the same day, disrupting services worldwide such as airlines, banks, media companies, and the London Stock Exchange.
The IT outage was traced back to a technical issue in a software update from cybersecurity company CrowdStrike. While Microsoft confirmed that the root cause had been resolved, some Office 365 apps and services were still affected by the aftermath of the outage.
CrowdStrike CEO George Kurtz issued an apology for the technical difficulties and assured that a solution was in progress. Both CrowdStrike and the UK’s National Cyber Security Centre clarified that the incident was not the result of a security breach or cyber attack.
The disruption led to widespread impacts, with numerous flights being cancelled globally, and challenges faced by GPs, pharmacies, and hospitals in the UK. The London Ambulance Service reported a surge in emergency calls to its 999 and 111 helplines.
Businesses were also affected, with delays at airports and check-in counters. Microsoft recommended users affected by the outage to attempt rebooting their systems multiple times as a potential solution.
This incident underscored the fragility of interconnected systems and the potential for extensive disruptions from a single technical issue.
Bitcoin poised to achieve record highs?
Bitcoin has demonstrated a robust resurgence in the past week, registering a growth of over 16%, according to CoinMarketCap.
Based on recent forecasts and market trends, it appears highly probable that Bitcoin could reach new all-time highs in the near future. Many analysts and experts have expressed optimism regarding Bitcoin’s price trajectory, with some even predicting a surge to new peaks in the upcoming weeks or months.
On July 18, 2024, @JavonTM1 indicated in a post on X platform that Bitcoin has confirmed its breakout and could potentially witness a further >15% increase, surpassing the $76,000 threshold to establish new all-time highs, with potential for further growth.
As of the current data, the price of Bitcoin stands at $67,007 with a 24-hour trading volume exceeding $36 billion, reflecting a 5.35% gain in the past 24 hours.
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