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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.

With Post wires

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Stars cap series rally with Game 7 win over Vegas

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Stars cap series rally with Game 7 win over Vegas

DALLAS — Radek Faksa broke a tie in his return to the Dallas lineup, 20-year-old Wyatt Johnston scored in another Game 7 and the Stars defeated the defending Stanley Cup champion Vegas Golden Knights 2-1 on Sunday night to wrap up the first-round series.

After being out with an undisclosed injury since leaving the bench late in Game 2, Faksa scored 44 seconds into the third period with a backhander from the circle to the left of goalie Adin Hill.

“It was a huge relief,” Faksa said on the TNT postgame show. “It was the biggest goal of my career. … I promised (my son) I would score a goal tonight, and I’m glad I did.”

Dallas goalie Jake Oettinger had 21 saves in his second Game 7 victory. He also had the Stars’ only penalty, though they killed that off after he was called for tripping Ivan Barbashev in front of the net midway through the third.

“The last period was a clinic. Just so proud of the guys of how we responded,” Oettinger said. “It’s a long playoffs and you’re going to need different guys to step up at different times. A lot of hockey left so hopefully a lot more heroes. It’s going to be a run ride.”

The Stars, the No. 1 seed in the West, move on to play well-rested Colorado in the second round with the first two games in Dallas. The Avalanche wrapped up their series against Winnipeg with a Game 5 victory Tuesday night.

Brett Howden scored for Vegas, which couldn’t pull off another series winner in Dallas, where last year the Knights wrapped up the Western Conference Final with a win in Game 6. Hill had 22 saves in his third game of this series after Logan Thompson started the first four.

The visitor won the first four games in this series until the home teams held serve the last three games.

Dallas has won Game 7s in each of its first two postseasons for coach Pete DeBoer, who is now 8-0 in his career in such games with four different teams. That includes the Knights’ only Game 7 wins in 2020 and 2021 when he was their coach.

Johnston scored his series-high fourth goal on a wrister from the top of the slot with 5:26 left in the first period after picking off a clearing pass by Shea Theodore that his teammate, Tomas Hertl, missed when taking a twisting swipe at it.

“It was so much fun,” Johnston said in his postgame interview on Bally Sports Southwest. “It’s what we all grew up dreaming about. As hockey players, you want to play in Game 7s. And there was so much energy in the building.”

A day after his 20th birthday last year, Johnston became the youngest player in NHL history with a game-clinching goal in a Game 7. He gathered a puck that ricocheted off the back boards in the third period of the Stars’ 2-1 win over Seattle in that second-round series.

The goal Sunday against came in quick succession after Vegas had two scoring chances. Oettinger made a tough save to deny Jack Eichel and Jonathan Marchessault then shot the rebound off the left post, and got a hit on Johnston before the Dallas youngster skated to the other end and scored about 10 seconds later.

Vegas, which returned 22 of its 27 players from the Stanley Cup-winning roster, tied it in the second period when Michael Amadio made a crossing pass to Howden, who poked the puck into the open left side of the net behind Oettinger.

The only coach other than DeBoer to win eight Game 7s is Darryl Sutter, who was 8-3 in such games over 182 playoff games over 15 postseasons with four teams.

The Knights are 2-2 in Game 7s. DeBoer was also the opposing coach in their other loss, to San Jose in 2019.

It was only the second time of 16 that the Stars won a best-of-seven series after losing the first two games. The only other was the very first playoff series in franchise history, when the Minnesota North Stars were down 0-2 before beating the Los Angeles Kings in seven games to open the 1968 playoffs.

The Associated Press contributed to this report.

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DeAngelo riles up MSG crowd in Hurricanes’ loss

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DeAngelo riles up MSG crowd in Hurricanes' loss

NEW YORK — Hurricanes defenseman Tony DeAngelo heard often vulgar chants from New York Rangers fans during Carolina’s 4-3 Game 1 loss on Sunday, especially when his first-period penalty led to a critical power-play goal.

“I don’t give two you-know-whats about it,” said DeAngelo, who played for the Rangers from 2016 to 2021.

The Rangers’ torrid power play needed just 23 seconds to score twice in the first period. Mika Zibanejad scored nine seconds after DeAngelo’s roughing penalty on Rangers forward Will Cuylle, and Vincent Trocheck scored 14 seconds after Evgeny Kuznetsov‘s cross-checking foul on Rangers defenseman Adam Fox. New York went 2-for-2 against Carolina’s top-ranked penalty kill after going 6-for-16 in the first round against the Washington Capitals.

DeAngelo was penalized on a strange sequence that saw Carolina forward Martin Necas initially called for tripping on Cuylle. With Necas in the box, the officials conferred on the ice, and it was determined the wrong player had been penalized: Rather than a trip from Necas, it was a leaping hit from DeAngelo that knocked Cuylle to the ice. After that was established, the officials then announced they were reviewing the DeAngelo hit for a major penalty on an illegal check to the head. It was determined the call was simply a roughing minor, instead.

When asked if the referees had offered an explanation, Carolina coach Rod Brind’Amour said “not one that made sense” to him.

“I’m not even going to get into it,” DeAngelo said about the call. “It’s tough. We had five power plays too, so they can go both ways. It’s a tough job for them guys, and then they make a call. So, it is what it is.”

Penalties at inopportune times plagued the Hurricanes in Game 1. That included an Andrei Svechnikov tripping penalty just six seconds after the Rangers’ Trocheck was whistled for knocking the puck over the glass with this hand at 19:19 of the third period, with Carolina trailing by one goal and its goalie pulled.

The Hurricanes were 22nd in the NHL in penalties taken during the regular season. Captain Jordan Staal felt the Game 1 atmosphere at Madison Square Garden led to some regrettable penalties early in the game for his team.

“We’ve talked about [it] before, all year long. Especially in an emotional building like this, it always seems to get everyone riled up, and we were at fault again to start,” he said. “I thought we were better as the game went on and settled down a little bit. Obviously, the crowd can get the refs going here tonight, and we get fired up. We obviously talked after the first period that we need to settle down a little bit, and we did.”

But Brind’Amour didn’t believe his team was undisciplined in Game 1.

“Svech, I don’t know what else you want to do there. He’s fighting for a puck. That’s certainly not an undisciplined penalty. Kuzy, he’d like to have that back, but the guy did it to him, and it’s one of those, ‘You always catch the second guy.’ He knows better,” Brind’Amour said.

“And then Tony’s was more — I don’t know, if the guy doesn’t fall, it’s probably not a call, so that’s not an undisciplined penalty for me was there. But like I said, we don’t want to take any penalties.”

Game 2 is scheduled for Tuesday night at Madison Square Garden, where Rangers fans will again be ready to create a raucous environment to support their team and fluster the opponents. DeAngelo pushed back on the idea that the atmosphere could cause Carolina to play undisciplined hockey.

“No, that’s the playoffs. Our rink is louder than all of them, so we could say the same thing about ours,” he said. “But you guys know how great New York is as a sports town. They do a good job cheering their team on. But we don’t care.”

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Derby’s nose finish draws 16.7M, most since ’89

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Derby's nose finish draws 16.7M, most since '89

STAMFORD, Conn. — Mystik Dan’s nose victory in the 150th Kentucky Derby drew 16.7 million viewers, the biggest audience for the race since 1989.

Viewership peaked at 20.1 million from 7 to 7:15 p.m. ET on Saturday, when 18-1 shot Mystik Dan, Sierra Leone and Forever Young hit the wire together in the Derby’s first three-horse photo finish since 1947. That marked the biggest peak audience ever for the Derby on NBC.

The 16.7 million viewers was up 13% from last year’s 14.8 million.

NBC Sports said Sunday that it was the biggest Derby audience since 18.5 million watched Sunday Silence win in 1989, when the race was shown on ABC.

NBC Sports and Churchill Downs Inc. have agreed to a multiyear contract extension that will keep the Derby on the network through 2032.

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