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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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Israel attacks Syrian military HQ – and disrupts live TV broadcast

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Israel attacks Syrian military HQ - and disrupts live TV broadcast

Israeli airstrikes have targeted the Syrian military headquarters in Damascus amid renewed clashes in the country.

The gate of the Ministry of Defence in the Syrian capital was targeted by two warning missiles from an Israeli reconnaissance aircraft.

State-owned Elekhbariya TV said the Israeli strike had wounded two civilians, the Reuters news agency reported.

Smoke rises after strikes on Syria's defence ministry in Damascus, Syria.
Pic: Reuters
Image:
Smoke rises from Syria’s defence ministry building in Damascus. Pic: Reuters

It came as Israeli airstrikes targeted security and army vehicles in the southern city of Sweida, where the Druze faith is one of the major religious groups – marking the third consecutive day Israel has struck Syrian forces.

The Israeli military confirmed it had “struck the entrance gate” in Damascus – and that it would be monitoring “actions being taken against Druze civilians in southern Syria”.

Smoke rises from an Israeli airstrike that hit the Syrian Defence Ministry in Damascus.
Pic: AP
Image:
The Israeli airstrike targeted Syria’s military headquarters. Pic: AP

Why Israel is getting involved in Syria’s internal fighting


Dominic Waghorn

Dominic Waghorn

International affairs editor

@DominicWaghorn

Israel has shown little respect for international borders since becoming the unrivalled military hegemon of the Middle East. Today that meant an Israeli airstrike on a government building in Damascus.

Israel says its attack on a Syrian defence ministry facility was intended as a warning to the new government: stay out of the part of southern Syria we have occupied or else.

Israel has moved into parts of the south of the country, built military bases and declared a line of control.

On Monday, Syrian tanks heading south to try and restore order following an outbreak of factional fighting were attacked by Israeli warplanes.

“The presence of such vehicles in southern Syria could pose a threat to Israel,” stated the Israel Defence Forces.

In reality, Syria’s ageing tanks pose minimal threat to Israel’s state-of-the art military.

Read the full analysis

Local media said Sweida and nearby villages were coming under heavy artillery and mortar fire on Wednesday, according to Reuters.

The clashes marked the collapse of a ceasefire between Syrian government forces and Druze armed groups, with Israel also warning it would increase its involvement.

Syrian security forces walk together along a street in the southern Druze city of Sweida.
Pic: Reuters
Image:
Syria said its forces had responded to being fired upon. Pic: Reuters

Israel said it was acting to protect the Druze groups through its attacks on convoys of Syrian forces.

Syria blamed militias in Sweida for violating a ceasefire agreement which had only been reached on Tuesday.

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A statement from its defence ministry said: “Military forces continue to respond to the source of fire inside the city of Sweida, while adhering to rules of engagement to protect residents, prevent harm, and ensure the safe return of those who left the city back to their homes.”

Israel’s defence minister Israel Katz said the military will continue to strike Syrian forces until they withdraw and should “leave Druze alone”, according to local reports.

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Why Israel is getting involved in Syria’s internal fighting

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Why Israel is getting involved in Syria's internal fighting

Israel has shown little respect for international borders since becoming the unrivalled military hegemon of the Middle East.  Today that meant an Israeli airstrike on a government building in Damascus.

Israel says its attack on a Syrian defence ministry facility was intended as a warning to the new government: stay out of the part of southern Syria we have occupied or else.

Israel has moved into parts of the south of the country, built military bases and declared a line of control.

Smoke rises from an Israeli airstrike that hit the Syrian Defence Ministry in Damascus.
Pic: AP
Image:
Smoke rises from an Israeli airstrike that hit the Syrian Defence Ministry in Damascus. Pic: AP

On Monday, Syrian tanks heading south to try and restore order following an outbreak of factional fighting were attacked by Israeli warplanes.

“The presence of such vehicles in southern Syria could pose a threat to Israel,” stated the Israel Defence Forces.

In reality, Syria’s ageing tanks pose minimal threat to Israel’s state-of-the art military.

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Syrian presenter interrupted by Israeli airstrike

The Syrian armour was attacked as it entered the area around Sweida in the Druze heartland of southern Syria following factional fighting there.

More on Israel

The flare-up reportedly began with clashes between Bedouin and Druze groups that ended in scores killed.

The background to the escalation is complicated.

At least three Druze militia groups are divided in their loyalties to different religious leaders and differ over how they should respond to calls to assimilate into the new post-revolutionary Syria.

Druze from Syria and Israel protest on the Israeli-Syrian border, in Majdal Shams in the Israeli-controlled Golan Heights.
Pic: AP
Image:
Druze from Syria and Israel protest on the Israeli-Syrian border.
Pic: AP

Read more:
30 dead as armed groups clash in Syria
UK restores diplomatic ties with Syria

Israel is becoming more and more involved in Syria’s internecine war and says it will remain there indefinitely “to protect our communities and thwart any threat”.

Its critics say Israel is operating a policy of divide and rule in Syria, weakening the fledgling government and creating a buffer zone to protect the border with the Golan Heights – originally Syrian territory that it has occupied and annexed for almost half a century.

Since the fall of the Assad regime, Israel has used airstrikes to destroy of much of Syria’s military capability weakening its ability to impose control on outlying regions. This makes it more not less likely Israel will have a volatile unstable state on its northern border.

Syrian security forces walk together along a street in the southern Druze city of Sweida.
Pic: Reuters
Image:
Syrian security forces walk along a street in the southern Druze city of Sweida. Pic: Reuters

America and European powers have chosen to normalise relations with the new government in Damascus and lift sanctions.

In contrast Israel has occupied its territory, bombed its military and today hit one of its government buildings in the capital with an airstrike.

Since its crushing military campaigns against Hamas, Hezbollah and Iran, Israel has emerged as the unchallenged military power of the region.

There is however a limit to what blunt force can achieve alone. It requires diplomacy to achieve lasting gains and Israel’s repeated assaults on multiple neighbours combined with its relentless campaign in Gaza are winning it few friends in the region.

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Gaza: At least 19 killed in crowd crush near distribution site, says Israel-backed aid group

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Gaza: At least 19 killed in crowd crush near distribution site, says Israel-backed aid group

At least 20 people have been killed in an incident in Khan Younis, according to the Gaza Humanitarian Foundation (GHF), an Israel and US-backed organisation.

In a statement, it said 19 people were trampled and one was stabbed in a surge “driven by agitators in the crowd”.

“We have credible reason to believe that elements within the crowd – armed and affiliated with Hamas – deliberately fomented the unrest,” it said.

“For the first time since operations began, GHF personnel identified multiple firearms in the crowd, one of which was confiscated. An American worker was also threatened with a firearm by a member of the crowd during the incident.”

It provided no evidence to support the claim.

The Hamas-run Gaza health ministry claimed 21 Palestinians were killed, “including 15 who died of suffocation as a result of tear gas fired at the starving people and the subsequent stampede” at the GHF site.

Read analysis: Deaths go up when aid sites open

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Gaza deaths increase when aid sites open

The statement is unusual for the GHF, as the controversial group, which has been rejected by the United Nations and other aid groups, rarely acknowledges trouble at its distribution sites.

The GHF began distributing food packages in Gaza at the end of May, after Israel eased its 11-week blockade of aid into the territory.

It has four distribution centres, three of which are in the southern Gaza Strip. The sites, kept off-limits to independent media, are guarded by private security contractors and located in zones where the Israeli military operates.

Analysis: Gazans face unbearable choice of risking their lives for supplies or going hungry

by Lisa Holland, Sky News correspondent in Jerusalem

The United Nations has already condemned the aid centres run by the Gaza Humanitarian Foundation as “death traps” – and that was before the latest loss of life, seemingly mostly from suffocation.

It’s the first and only time we know of people dying in this way, waiting to get food.  Although the Gaza health ministry and the GHF dispute exactly what happened.

But how much longer can this Israeli and American-backed way to supply aid continue when people are dying on a near-daily basis?

However it happened, Gaza’s overcrowded hospitals are once again overwhelmed.

And there are serious questions to answer about the organisation of a system which is supposed to be providing humanitarian aid to desperately hungry people, but instead is a place where there is so much loss of life.

It leaves people with an unbearable choice between risking their lives to get supplies or going hungry.

Palestinian witnesses say Israeli forces have repeatedly opened fire towards crowds of people going to receive aid.

The Israeli military says it has fired warning shots at people who have behaved in what it says is a suspicious manner. It says its forces operate near the aid sites to stop supplies from falling into the hands of militants.

After the deaths of hundreds of Palestinians trying to reach the aid hubs, the UN has called the GHF’s aid model “inherently unsafe” and a violation of humanitarian impartiality standards.

In response, a GHF spokesperson said: “The fact is the most deadly attacks on aid sites have been linked to UN convoys.”

People carry distributed aid supplies in Khan Yunis, southern Gaza, on July 1, 2025. Pic: AP
Image:
People carry distributed aid supplies in Khan Yunis, southern Gaza. File pic: AP

The GHF says it has delivered more than 70 million meals to Gazans in five weeks and claims other humanitarian groups – which refuse to work with the GHF – had “nearly all of their aid looted” by Hamas or criminal gangs.

Read more:
Medical charity warns acute malnutrition at all-time high

UN data on Gaza deaths ‘disinformation’, claims GHF chief

Since the GHF sites began operating, more than 875 people have been killed while receiving aid, both at GHF distribution points or elsewhere, according to the UN human rights office and the Hamas-run Gaza health ministry.

At least 674 of those have been killed in the vicinity of aid distribution sites run by the GHF.

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