While traditional systems raced to resolve the CrowdStrike outage, Bitcoin and the cryptocurrency market climbed upward.
Decentralized technology once again made a case for itself on Friday as a global IT outage disrupted banks, media, travel, and a litany of everyday operations.
Web3 markets boomed as Web2 activity slowed to a crawl in some parts of the world, with over 150 million people reportedly affected. Pro-crypto U.S. Senator Cynthia Lummis leveraged the situation to remind the public of Bitcoin’s (BTC) ability to run seamlessly and bypass centralized points of failure.
Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin.
Vires in Numeris
— Senator Cynthia Lummis (@SenLummis) July 19, 2024
Bitcoin hits one-month high
The total cryptocurrency market was up over 3% and grew to $2.5 trillion for the first time this month. The widespread market uptick propelled Bitcoin above $66,500, a one-month high. Solana (SOL) led market gains among the top 10 cryptocurrencies by market cap. SOL surged more than 9% to reclaim $170, while Ethereum’s (ETH) 3% price bump took the asset to $3,500.
PAAL AI Launchpad claimed the largest gains of any cryptocurrency market on Friday. Data showed that the sector boomed by over 103% and was rising at press time.
Ecosystems like TRY Stablecoin, Decentralized Identifier, Farming-as-a-Service, and Pump.fun memecoins also rose at least 20% as the digital asset market enjoyed a green day. Conversely, the S&P 500 and global stock markets slid slightly due to the CrowdStrike debacle.
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.
— Nic (@nicrypto) July 19, 2024