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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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Leafs show ‘fight’ in OT loss, as Matthews returns

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Leafs show 'fight' in OT loss, as Matthews returns

BOSTON — Auston Matthews‘ return to the Toronto Maple Leafs‘ lineup wasn’t enough to lift the road team Saturday in Game 7 of its first-round Stanley Cup playoff series vs. the Boston Bruins.

The Maple Leafs fell 2-1 in overtime as the Bruins advanced to a second-round series that begins on Monday. It was the Maple Leafs’ sixth consecutive defeat in a Game 7, and their fourth straight to Boston.

Matthews was a late addition for Toronto’s lineup after being absent from the third period of Game 4 all the way through Game 6. He had been battling both an illness — which he played through in Game 3 — and an undisclosed injury. Toronto’s top forward didn’t want to delve into specifics directly after the loss, however.

“I’m not going to go into that tonight,” Matthews said. “I think maybe in the next couple days. We’ll just process this [first]. It was really hard to watch those two games [when I was out]. Just really proud of the guys to fight and battle back and give ourselves a chance.”

Matthews said he didn’t know until Saturday morning that he’d receive clearance from the Maple Leafs’ medical staff to play, and said his team, ultimately, gave all it could to try to get past the Bruins one final time.

“They’re always a tough opponent,” Matthews said. “They’re a well-put-together team. But I thought we were right there with them. Tonight was a tight game. It’s tough, could have gone either way.”

Matthews finished the night with one assist in 17:35 of ice time, as Toronto tried to pull off a rally from a 3-1 series deficit.

The two sides were deadlocked at 0-0 in Game 7 until midway through the third period, when William Nylander beat Bruins netminder Jeremy Swayman to give Toronto a 1-0 lead. Hampus Lindholm responded just 80 seconds later with an equalizer that would eventually take the game to overtime.

David Pastrnak needed less than two minutes in the extra frame to flummox Maple Leafs goaltender Ilya Samsonov and send Boston on to face Florida in the second round.

Samsonov, who had been replaced by Joseph Woll in the third period of Game 4 before the latter then backstopped Toronto to consecutive wins, was a surprise starter on Saturday. Woll was sensational in both outings, posting a .964 save percentage and a 0.86 goals-against average in the series, but he suffered an injury that kept him from Game 7.

“Obviously, we didn’t practice yesterday, we traveled, and it wasn’t any better, in fact it was a little bit worse yesterday,” Toronto coach Sheldon Keefe said of the injury. “We had told Samsonov he had to stay ready last night, there was a chance that Joe wouldn’t be able to go, but Joe was going to do everything he could to try to be ready. The medical team was going to continue to work with him to get him ready, and that’s the process they went through this morning.

“It wasn’t until this afternoon that it was determined that Joseph wouldn’t be available.”

Samsonov came through with his best outing of the playoffs in a 29-save performance, but that couldn’t cover up for Toronto’s continued inability to produce offense. The Leafs scored just 12 goals total in seven games, which was a hurdle that helped determine their fate.

Before Matthews was forced out due to injury, it was Nylander who missed the first three games of the series with what he confirmed was a migraine issue. Nylander said on Saturday that at times the headaches would be so intense he couldn’t see. Nylander said the Leafs’ doctors thought the symptoms might be concussion related and held him out until he felt better.

“The situation is very complicated. It’s hard to explain what it is,” Nylander said. “It’s hard to play [through that].”

Nylander also defended Toronto’s nucleus of players, which includes himself, Matthews and Mitch Marner. Combined they scored five goals and 10 points in the first-round series that once again ended in disappointment.

“Look, I don’t think there’s an issue with the core,” Nylander said. “I think we were right there all series. We battled hard.”

Keefe concurred.

“When teams play the Leafs, they set up the game for the Leafs to beat themselves,” he said. “I thought we did that in Game 3 and 4, we beat ourselves. We’ve been trying to break through for a long time. Any answer [now] is going to fall on deaf ears, and I get that. The core isn’t different, but the feeling around the team was different and played different. I thought we showed signs in this series of a team that could win.”

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David is Goliath: Pastrnak wins Game 7 in overtime

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David is Goliath: Pastrnak wins Game 7 in overtime

BOSTON — David Pastrnak scored on a feed from Hampus Lindholm 1:54 into overtime and the Boston Bruins defeated the Toronto Maple Leafs 2-1 in Game 7 on Saturday night to clinch their NHL first-round series and advance in the Stanley Cup playoffs.

Jeremy Swayman finished with 30 saves and Lindholm had the tying goal in regulation to help the Bruins avoid losing their second straight first-round series after holding a 3-1 lead. They have now defeated the rival Maple Leafs in Game 7 of the first round of the playoffs three times in the past seven years.

After a loss in Game 6, Boston coach Jim Montgomery told reporters the club needed more from Pastrnak, and the right wing delivered. He ended up with four shots on net across 30 shifts and 21:21 of ice time.

“I thought he was dynamic tonight,” Montgomery said. “I thought he had his most possession time, he was creating shots, he was taking what was available.”

Boston will meet the Florida Panthers, who upset the Bruins in seven games in the first round last year and spoiled a season in which they posted records for the most wins and points in a season in NHL history. Game 1 is set for Monday night in Florida. The Panthers have been resting since Tuesday, when they eliminated Tampa Bay in five games.

William Nylander scored and Auston Matthews had an assist in his return from a two-game absence for the Maple Leafs, who are now 0-6 in Game 7s since the 2013 conference quarterfinals. They are 0-4 on the road in those games — all in Boston. Matthews missed Games 5 and 6 with an undisclosed ailment.

Matthews opened the game on Toronto’s third line before rejoining the first line in time for the Maple Leafs’ lone goal. He finished with 24 shifts and 17:35 time on the ice.

Ilya Samsonov started in goal for the Leafs for the first time since Game 4 and finished with 29 saves.

“Obviously, not moving on, not getting the result we want is extremely difficult,” Toronto captain John Tavares said. “With the type of team that we have, and the type of character that’s in here, and just the belief in this locker room, I’m very proud. We stuck with it and gave ourselves a chance.”

Toronto coach Sheldon Keefe concurred.

“Loved how our team fought to put us in the position to compete and play in this game, have a chance to be one shot away,” he said. “Obviously, you reflect on the series, we don’t love the hole we dug ourselves, and it’s a big reason why we’re here. Love the fight of our team.”

Pastrnak ended with three goals in the series, and he will now face a second-round opponent against whom he scored five times last postseason.

“Huge moment, obviously,” Pastrnak said of Saturday’s winner. “You could say a little relief, as well.”

The Associated Press contributed to this report.

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Leafs’ Matthews a finalist for Lady Byng Trophy

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Leafs' Matthews a finalist for Lady Byng Trophy

Toronto Maple Leafs star forward Auston Matthews was named a finalist for the Lady Byng Trophy on Saturday.

It marks the third time that Matthews has been a finalist for the award, which is presented annually to the player voted to best combine sportsmanship, gentlemanly conduct and ability as voted on by the Professional Hockey Writers Association.

Vancouver Canucks forward Elias Pettersson and Carolina Hurricanes defenseman Jaccob Slavin also were named finalists.

Matthews, who was a runner-up for the award in 2019-20 and finished third in 2020-21, led the NHL with 69 goals this season. The 26-year-old also recorded a career-high 107 points and had 20 penalty minutes in 81 games.

Pettersson, 25, is bidding to become the first player to win the award in Canucks franchise history. He totaled 89 points (34 goals, 55 assists) and 12 penalty minutes in 82 games this season.

Slavin, 30, had 37 points (6 goals, 31 assists), a plus-21 rating and eight penalty minutes in 81 games this season. He won the award in 2020-21 and was runner-up in 2021-22.

Los Angeles Kings captain Anze Kopitar won the Lady Byng Trophy last season.

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