Bitcoin blew past $60,000 for the first time in more than two years on Wednesday as the popularity of spot ETFs drove a renewed trading frenzy for volatile cryptocurrencies — and crashed popular crypto exchange Coinbase.
The price of bitcoin soared to nearly $64,000 in the early afternoon, nearing it’s all-time high of $$68,789 in November 2021, before falling to around $61,000 by 6 p.m. That marked an 18% increase in the leading digital currency compared to one week ago and 40% bump compared to a month ago.
In the midst of Wednesdays rally, Coinbase, one of the largest digital asset exchanges, warned users that its website was experiencing issues but assured customers that their assets are safe after several complained that their digital wallets showed “$0.00.”
“We are dealing with a large surge of traffic — apologies for any issues you encounter, Coinbase CEO Brian Armstrong posted on X.
The bullish run on the world’s most popular crypto token could be the start of what Split Capitals Zaheer Ebtikar called a pretty clear FOMO kind of rally, referring to the “fear of missing out.”
More and more people are just convinced to buy, Ebkitar told Bloomberg.
The massive early success of recently approved spot bitcoin ETFs — which allow investors to acquire stakes in funds that own bitcoin offered by Blackrock, Fidelity and other firms has played a key role in the surge, experts told The Post.
The boom drove $520 million into BlackRocks Bitcoin ETF, a one-day record.
I do think the fact this is happening concurrent with the ETFs and you can look at the inflows of those things that seems to be a pretty big driver for this [rally], said Colin Harper, head of research at the bitcoin mining software firm Luxor.
Theres a large segment of the population that sees regulatory approval as, well, the states okay with this, theyre not going to ban it, institutions are cleared now. Theres a lot more legitimacy to it for the average person, Harper added.
However, other market experts warned that investors may soon see a “sharp correction” of 20% or more.
“This move has been very sharp, leverage is very high at the moment,” AnB Investments’ Jaime Baeza Baeza told Bloomberg.
The overall market capitalization for the cryptocurrency market hovered at a whopping $2.31 trillion as of Wednesday afternoon after crossing the $2 trillion threshold earlier this month for the first time in two years.
Cryptocurrencies have re-emerged as a hot asset alongside other trendy bets such as AI chipmaker Nvidia and weight-loss drug maker Eli Lilly, according to Jake Dollarhide, CEO of Longbow Asset Management.
You have the additional momentum of it being legitimatized by the SEC approving the ETFs from Blackrock and others. And then, frankly, the trash was hauled off to the curb in the form of Binance and FTX, Dollarhide said. You get rid of some bad actors and you rebuild trust within the crypto space.
The latest rally in bitcoins price brought it within striking distance of its all-time high of $69,000 a number that seemed unattainable over the last two years as a so-called crypto winter crushed demand for cryptocurrencies.
Bitcoins struggles throughout 2021 and 2022 were compounded by a number of scandals, including the collapse of convicted crypto fraudster Sam Bankman-Frieds FTX empire.
We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.
Other bullish factors include investor optimism that the Federal Reserve will cut sky-high interest rates at some point this year as well as a looming bitcoin halving a pre-planned event due in April that reduces the amount of digital currency people receive for mining by half.
Bitcoins halvings are meant to ensure the currencys scarcity over time. While the exact impact of each halving on bitcoins value is up for debate among experts, the price of bitcoin has soared ahead of past halvings that occurred in 2020, 2016 and 2012.
As the halving approaches, supply of new coins will be cut in half while demand is buoyed by the ETFs, said Christopher Alexander, chief analytics officer at Pioneer Development Group.
Once the small retail investors fully regain confidence in crypto exchanges there will be demand pressure at a level that has never been seen before, Alexander added.
The cost of rural crime in Wales is at its highest in more than a decade, a new report has revealed.
Last year, rural crime cost an estimated £2.8m in Wales, according to insurance provider NFU Mutual.
That’s an 18% increase on the previous year, with Wales the only UK nation to have seen a rise.
For farmers like Caryl Davies, that makes their work harder.
The 21-year-old farms on a beef and sheep farm in Pembrokeshire.
She told Sky News that having the quad bike stolen from her family farm last August had made them feel “really unsafe at home”.
Image: Caryl Davies farms in North Pembrokeshire
The fact it happened in such a rural area was a “really big shock” for Ms Davies and her family.
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“We’d rely on the bike day in day out, to look after our cows and sheep, and it’s had a really negative impact on us,” she said.
The cost of replacing a bike exactly like theirs would be “close to £10,000”.
“They’re a really expensive piece of kit, but you can’t be without them, especially in these rural areas where we’ve got the mountain and maybe places that aren’t very accessible,” she added.
“The bike is totally crucial for our day-to-day running of the farm.”
Image: Caryl Davies
The incident was caught on camera in the calving shed, but the Davies family have since invested in an enhanced CCTV system. That comes at an additional cost.
“For some farmers, this is spare money that we haven’t really got,” Ms Davies added.
“Farming is hard enough as it is, without people stealing your things and having to spend this extra money on making your home farm safe.”
The total cost of rural crime across the UK has fallen since 2023 – down from £52.8m to £44.1m.
Quad bike and All Terrain Vehicles (ATVs) remained the top target for thieves during the past year, NFU Mutual’s figures show.
James Bourne farms in Pontypool, Torfaen, and claims to have had over 200 sheep stolen from common land adjoining his farm over a four-year period.
The 32-year-old told Sky News that losing sheep from his herd was a “big hit” on his business as well as the young family he is trying to support.
“The way agriculture is at the moment anyway, we’re struggling to make ends meet, and any profit that is in it is obviously being taken from me,” he said.
“So I really need to try and find out and get to the bottom of where they’re going because obviously it’s an ongoing issue.”
Image: James Bourne
Andrew Chalk, from NFU Mutual, told Sky News that while there had been a “significant drop” across the UK, there were “worrying signs”.
“In Wales,especially, rural crime’s gone up which just shows that organised criminals are looking for ways to target the countryside again and again,” he said.
“What we’ve found increasingly is that organised criminals are targeting certain areas of the countryside, so they’re hitting multiple farms in one night.
“They’re raiding them, they’re moving away to another area and then hitting multiple farms there. So it is hugely concerning.”
Image: Andrew Chalk
Mr Chalk said NFU Mutual had also heard reports of criminals using drones and other equipment to “look at the lay of the land”.
“What it does show is that organised criminals are always going to find new ways to target rural crime and that’s why we need to be on top of it and to work together to actually disrupt them,” he added.
Police forces in Wales say they are aware of the “significant impact” that rural crimes have on those affected.
A Dyfed-Powys Police spokesperson said the force had acquired new technology to help combat rural crime, including “advanced DNA asset-marking kits” and hopes to “empower farmers with effective tools and advice”.
The spokesperson acknowledged the difficulty of patrolling the entire police force area, “given the huge area” it has to cover, and thanked rural communities for their “continuing vigilance and for reporting any suspicious activity”.
Temporary Chief Superintendent Jason White, from Gwent Police, said the force would be “increasing resources” within the rural crime team throughout this financial year and urged anyone in a rural area who believes they have been a victim of crime to get in touch.
A man has been taken into custody two days after a US politician and her husband were shot dead in Minnesota, law enforcement officials have said.
Authorities had urged the public not to approach Vance Boelter, 57, who they warned could be armed, and who was reportedly posing as a police officer.
A massive manhunt was launched on Saturday after Melissa Hortman and Mark Hortman were shot dead at their home in Minneapolis in what Minnesota governor Tim Walz called a “politically motivated assassination”.
Police said the same gunman that killed the Hortmans had earlier shot and wounded Democrat senator John Hoffman and his wife, Yvette, at their home nine miles away.
Image: Representative Melissa Hortman and Senator John Hoffman. Pic: Facebook/Minnesota Legislature
Boelter was arrested on Sunday evening in a rural area in Sibley County, southwest of Minneapolis.
He faces two counts of second-degree murder and two counts of attempted second-degree murder in the deaths of the Hortmans and the wounding of Hoffman and his wife.
Image: The FBI released this image of Vance Boelter posing as a police officer. Pic: FBI.
Police said they responded to gunfire reports at the Hoffmans’ Champlin home shortly after 2am on Saturday and found them with multiple gunshot wounds.
They then checked on the Hortmans’ home, in the nearby Brooklyn Park suburb, and saw what appeared to be a police car and a man dressed as an officer leaving the front door.
“The individual immediately fired upon the officers, who exchanged gunfire, and the suspect retreated back into the home” and escaped on foot, said Brooklyn Park police chief Mark Bruley.
Authorities believe Boelter wore a mask as he posed as a police officer, and also used a vehicle resembling a squad car.
Several AK-style firearms and a list of about 70 names, which included politicians and abortion rights activists, were allegedly found inside the vehicle.
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Governor calls it ‘targeted political violence’
‘We are both incredibly lucky to be alive’
Senator Hoffman was shot nine times and is having multiple surgeries, according to a text message shared on Instagram by fellow senator Amy Klobuchar on Sunday.
The text from Yvette Hoffman added: “I took 8 and we are both incredibly lucky to be alive.”
She said her husband “is closer every hour to being out of the woods”.
Mrs Hortman used her position to champion protections around abortion rights, including laws to cement Minnesota’s status as a safe refuge for people from restrictive states, who travel there for an abortion.
Her work also sought to introduce protections for services that provide abortions.
Career spy Blaise Metreweli will become the first woman to head MI6 in a “historic appointment”, the prime minister has announced.
She will take over from Sir Richard Moore as the 18th Chief, also known as “C”, when he steps down in the autumn.
“The historic appointment of Blaise Metreweli comes at a time when the work of our intelligence services has never been more vital,” Sir Keir Starmer said in a statement released on Sunday night.
“The United Kingdom is facing threats on an unprecedented scale – be it aggressors who send their spy ships to our waters or hackers whose sophisticated cyber plots seek to disrupt our public services.”
Of the other main spy agencies, GCHQis also under female command for the first time.
Anne Keast-Butler took on the role in 2023, while MI5 has previously twice been led by a woman.
Until now, a female spy chief had only headed MI6– also known as the Secret Intelligence Service (SIS) – in the James Bond movies.
Image: Blaise Metreweli is the first woman to be named head of MI6. Pic: Reuters
Dame Judi Dench held the fictional role – called “M” in the films instead of “C” – between 1995 and 2015.
Ms Metreweli currently serves as “Q”, one of four director generals inside MI6.
The position – also made famous by the James Bond films, with the fictional “Q” producing an array of spy gadgets – means she is responsible for technology and innovation.
Ms Metreweli, a Cambridge graduate, joined MI6 in 1999.
Unlike the outgoing chief, who spent some of his service as a regular diplomat in the foreign office, including as ambassador to Turkey, she has spent her entire career as an intelligence officer.
Much of that time was dedicated to operational roles in the Middle East and Europe.
Ms Metreweli, who is highly regarded by colleagues, also worked as a director at MI5.
In a statement, she said she was “proud and honoured to be asked to lead my service”.
“MI6 plays a vital role – with MI5 and GCHQ – in keeping the British people safe and promoting UK interests overseas,” she said.
“I look forward to continuing that work alongside the brave officers and agents of MI6 and our many international partners.”
Sir Richard said: “Blaise is a highly accomplished intelligence officer and leader, and one of our foremost thinkers on technology. I am excited to welcome her as the first female head of MI6.”