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Bitcoin Tops $67K as Cryptos Rally Amid Global IT Outage; Solana's SOL Leads Altcoins
Friday's crypto rally defied past days' correlation with U.S equities, which continued their losing streak.
Updated Jul 19, 2024, 8:39 p.m. Published Jul 19, 2024, 5:48 p.m.
- Bitcoin hit a one-month high price, surging 5.5% over the past 24 hours.
- Solana rose 8%, topping $170 for the first time since early June.
- Crypto observers highlight the resiliency of decentralized blockchains as a malfunctioning software update caused worldwide disruptions in IT systems.
The crypto rally resumed on Friday with bitcoin notching its highest price in a month, while the world grappled with a major IT outage.
BTC started rising from $64,000 during the early U.S. trading hours and broke above $67,000 later in the day for the first time since June 17. The price increase was accompanied by strong trading volumes for BlackRock's spot bitcoin ETF (IBIT). At press time, the largest crypto asset changed hands slightly above $67,000 advancing 5.5% over the past 24 hours.
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Solana led among altcoin majors with an 8.5% increase over the same period, topping $170 for the first time since early June. The token outperformed the broad-based digital asset benchmark CoinDesk 20 Index (CD20), which rose 4.3%.
Ethereum's ether reclaimed the $3,500 level, but underperformed with a 3% increase. The first spot-based ETH exchange-traded funds (ETF) in the U.S. will likely start trading on Tuesday next week, Friday regulatory filings by Cboe showed.
Cryptocurrencies slid lower earlier this week in tandem with a U.S. stock sell-off. However, Friday's rally happened as major equity indexes continued their losing streak.
The tech heavy Nasdaq Composite was down 0.8%, while the broad-based S&P 500 lost 0.6% as of 1 p.m. ET, while gold plummeted over 2% during the day following a fresh all-time earlier this week.
As a software update by cybersecurity service provider CrowdStrike caused widespread computer outages around the world halting airlines, banks and businesses, some crypto observers emphasized the resiliency of decentralized systems like public blockchains compared to centralized networks.
wow, a single point of failure for civilizational scale technology is something we should try and mitigate by building decentralized infrastructure? I didn't know that, you're telling me now for the first time
— Jack Butcherᵛᵛ (@jackbutcher) July 19, 2024
Read more: CrowdStrike Outage Could Be Fixed Within the Day, Unlikely Caused by a Hack, Polymarket Bettors Say
Charles Edwards, founder of crypto hedge fund Capriole Investments, took notice of bitcoin's rapid surge coinciding with the U.S. traditional market opening, perhaps a sign of bidding from institutional investors.
"Did some institution just wake up and decide Bitcoin is a safe haven decentralized store of value as global tech and banking systems fail from Microsoft's blue screen of death?," he posted on X.
Bitcoin targets $100,000 by year-end
Looking at a longer timeframe, bitcoin is trading around the midpoint of a multi-month sideways channel between $56,000 and $73,000. Spot prices might be range-bound in the near term, but traders are increasingly positioning for a breakout to new all-time highs towards the U.S. elections in November, digital asset hedge fund QCP said in a market update. QCP analysts noted strong demand for December $100,000 bitcoin call options from institutions.
Mads Eberhardt, crypto analyst at Steno Research, expressed a bullish view for the second half of the year for crypto assets, supported by multiple tailwinds including coming U.S. interest rate cuts, rising liquidity, regulatory clarity in Europe and rising chances of more crypto-friendly U.S. leadership.
"Bitcoin at $100,000. Ethereum at $6,500," he said about his price targets.
Update (July 19, 20:25 UTC): Updates headline, story with latest prices. Adds paragraph with ether price and Cboe filing about spot ETF trading.
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