tl;dr
Bitcoin surged past $111,000 during the early Asian session, reaching an all-time high of $111,999 on Binance, amid temporary connectivity issues at Coinbase. The crypto community viewed Coinbase's downtime as a bullish signal, with social media buzzing with optimism and memes. Institutional investo...
Bitcoin (BTC) surged past $111,000 during the early Asian session on Thursday, sparking excitement rather than panic among investors. The surge coincided with Coinbase, a major US exchange, experiencing temporary connectivity issues, which the crypto community took as a bullish signal rather than a problem.
On social media platform X (formerly Twitter), users expressed enthusiasm during Coinbase's downtime, with memes and optimistic comments flooding in. Bitcoin quickly reclaimed the psychological $111,000 level, eventually hitting an all-time high of $111,999 on Binance. As of this report, Bitcoin was trading at $111,172, up nearly 2.5% in 24 hours.
Coinbase employees also participated in the banter, with a protocol specialist responding optimistically. Market conditions supported this bullish sentiment; notably, the recent Federal Open Market Committee (FOMC) minutes hinted at a possible rate cut in late July. Institutional investors continued to pour money into Bitcoin spot ETFs, adding $218 million on July 9 alone, marking the fifth consecutive day of inflows. Ethereum was close behind, drawing $211 million in the same period.
The atmosphere was electric, with one trader noting the $4 billion volume in Bitcoin ETFs despite Coinbase's outage, signaling a potentially massive rally. Coinbase added to the intrigue by posting a cryptic Bitcoin symbol tweet during the downtime, which many seasoned traders interpreted as a bullish hint. Skeptics, however, questioned the timing, suggesting the outage might be deliberate since such issues often coincide with surges in trading activity.
Despite criticisms, Coinbase's downtime incidents have become embedded in crypto market lore, often viewed more as bullish omens than technical failures. This phenomenon highlights a market increasingly reactive and eager for further gains, reflecting a community that sees glitches not as setbacks but as signs of heightened momentum and investor demand.