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Crypto Market Sees Phenomenal Growth Amid Challenges
Despite facing several obstacles throughout the week, the crypto market continued its remarkable upward trend, showcasing both success and turbulence along the way.
CryptoPunk Fetches $16.03 Million in Record-Breaking Sale
On Monday, a CryptoPunk was sold for an impressive $16.03 million in ETH, marking the second-highest price ever achieved by a piece from the prestigious Ethereum NFT collection. This milestone was met with acclaim from crypto enthusiasts, who interpreted it as a positive indication of the NFT market’s resurgence amidst the ongoing crypto boom.
Bitcoin Surpasses $69,000, Setting New All-Time High
Tuesday witnessed Bitcoin momentarily surpassing its previous all-time high price, breaching the $69,000 mark. This achievement was celebrated on social media, reaffirming the unwavering faith of Bitcoin proponents who have weathered numerous challenging market cycles. Moreover, Bitcoin maximalists took the opportunity to assert their beliefs while reveling in the moment of triumph.
Market Frenzy as Bitcoin Surges Past $70,000, ETH Hits $4,000, and Solana Peaks Above $150
As the week progressed, Bitcoin reached yet another all-time high above $70,000, accompanied by ETH surpassing $4,000 and Solana briefly exceeding $150. These milestones sparked enthusiasm and discussions across the cryptosphere, reflecting the heightened excitement surrounding the digital asset space.
Every charting software, notification service, etc just slammed me with so many alters on BTC $70k and ETH $4k that my browser crashed 🤣😅
— Adam Cochran (adamscochran.eth) (source)
Coinbase Faces Back-to-Back Crashes Amid Market Surges
While the market witnessed unprecedented growth, Coinbase encountered multiple crashes and technical issues throughout the record-breaking week. Users jokingly remarked that a significant price milestone in crypto wasn’t complete without Coinbase experiencing downtime, highlighting the platform’s struggles to keep up with heightened trading activities.
Can someone please tell me, did Coinbase go down again?
— Yazan (source)
Speculations arose that Coinbase deliberately throttled its platform during market volatility to impede trading, drawing parallels to Robinhood’s trading shutdown amid the 2021 GameStop stock frenzy. Despite these claims, no concrete evidence has surfaced to support the theory that Coinbase orchestrated its own platform crashes. Coinbase’s CEO attributed the outages to unforeseen surges in user traffic.
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