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 Corvette CX making its debut at this weekend’s The Quail, a Motorsports Gathering, generates more than 2,000 combined hp from its four, individually controlled and torque-vectoring electric motors. It’s staggering power, draped in beautiful bodywork, at a point in time when Corvette is rapidly climbing through the supercar ranks. There’s only one problem with this latest rendition of America’s motorsports icon: China’s has 1,000 more hp.
The specs for the Yangwang U9 Track Edition that leaked last week in BYD filings with the Ministry of Industry and Information Technology (MIIT) read like something out a middle schooler’s journal. 3,000 hp. 0-60 in one second. An electric motor for each wheel. A top speed approaching 300 mph. If it’s real (and there is absolutely zero reason to believe that it isn’t), the BYD will be the performance car benchmark against which all others are measured, like the Ferrari F40 of the 1980s, McLaren F1 of the 1990s, or Bugattis of the twenty-first century.
And that 3,000 hp BYD? That’s a production car, if limited. Meanwhile, the latest no production intent, pie-in-the-sky, no-holds-barred, you can just say shit and no one will ever question it electric hypercar concept from GM falls more than 1,000 hp short, at “just” 2,000 hp.
But don’t count the Corvette out.
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More grease, bigger hammer
Callaway Sledgehammer, via Mecum Auctions.
Whatever you may think of poster-era supercars like the Lamborghini Diablo, Porsche Carerra GT, or Pagani Huayra – or even modern electric hypercars like the Tesla Model S Plaid and Xiaomi SU7 – the one thing they all have in common is that they are all objectively slower than the 255 mph Callaway Corvette Sledgehammer from 1988, above.
I won’t go into the specs of that car (this isn’t that kind of car blog), but the point is that while the Corvette is often overlooked, there is a reason GM’s top-shelf sporty car carries that “King of the Hill” nickname – and the new Corvette CX concept is similarly, undoubtedly, more than just a list of specs in a magazine.
And those specs are seriously impressive. The new Corvette CX concept packs four independent electric motors putting out a combined 2,000 hp and some ungoldy amount of Earth-moving torque under advanced software controls that enable four-wheel torque vectoring for maximum grip and cornering performance, as well as precise steering control under even the heaviest of braking.
Power to those motors comes from the Corvette CX’ 90 kWh lithium-ion battery that’s centrally mounted low in the chassis, giving the car a low center of gravity and, crucially, ideal 50/50 front-rear weight distribution.
Plus: it’s gorgeous
The Corvette team says the CX concept draws from more more than seventy (!) years of Corvette heritage while being a forward looking concept, not a retro piece. Stylistically, the concept seems more visually mature and subdued than its in-production C8 cousin, and seems to promise a return to the C3-5 eras’ cleaner, less busy aesthetics.
Phil Zak, executive design director for Chevrolet, is very rightly proud of the CX’ design. “While the shape of a Corvette has always been expressive and forward-looking, each crease and line has its roots in the generations that came before it. It is aspirational, it is cultural, it is the reason people want to come and work at Chevrolet,” says, Zak. “The CX … demonstrate(s) our design teams stepping away from the constraints of production vehicles and unleashing their creativity. Through this exercise, we’ve added to Corvette and defined the design direction for Corvette moving forward.”
Aggressively futuristic, yet unquestionably a Corvette, the CX concept shows what an uncompromised future sports car can be. The athletic exterior design, highlighted by the fighter-jet-inspired cockpit canopy, isn’t just about looking powerful – it was shaped in collaboration with the GM Motorsports Aero Group. Every angle was designed with ultimate performance in mind.
On the inside, every aspect of the CX concept was designed to provide an unmatched driving experience. The forward-opening fighter-jet-style canopy automatically raises as you approach. Driver and passenger settle into seating finished in Inferno Red ballistic textile, bolstered to help hold occupants in place during high-g cornering maneuvers. Premium silicone leather, milled aluminum, and low-gloss forged carbon fiber accents give an elevated feel to the driver-focused cabin.
The digital windscreen transforms the windshield into an immersive surround display with real-time performance data. Every major control is elegantly integrated into the steering wheel, keeping the driver’s focus on the road ahead.
The innovations continue underneath the skin with the Vacuum Fan System. Built-in fans draw air through the open-channel bodywork, generating massive downforce and adjusting the airflow over the rear diffuser to refine aerodynamic balance in real-time. The front diffuser and rear wing are both active, adjusting automatically in response to the driver’s inputs to generate maximum grip. The integrated understructure of the CX concept is visible through the aero channels in the bodywork, and the suspension A-arms are wing-shaped to enhance airflow and reduce front-end lift.
All in all, the new Corvette CX concept is an impressive piece of engineering and rolling art. It’s also a statement from GM that, while the Corvette may very well be going all-electric in its next iteration, it won’t be going any slower. In fact, the first electric Corvette might even be the best one ever – but don’t say that one too loud (you’ll upset the New Balance crowd).
That said, as a pure concept that almost no one will ever drive and which might never get publicly strapped on to a dyno, it is absolutely baffling that Chevy wouldn’t have just claimed 3,000 hp. Even if it was just to match BYD’s claims and continue to build on a century of hype for American exceptionalism, you know?
That’s my take, anyway – what’s yours? Watch the Corvette CX Concept hype video from Chevrolet, below, then let us know what you think of the latest GM concept in the comments.
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Nvidia CEO Jensen Huang, right, speaks alongside President Donald Trump about investing in America, at the White House in Washington, on April 30, 2025.
The letter — signed by Senators Chuck Schumer, D-N.Y.; Mark Warner, D-Va.; Jack Reed, D-R.I.; Jeanne Shaheen, D-N.H.; Christopher Coons, D-Del.; and Elizabeth Warren, D-Mass. — was in response to an Aug. 11 announcement by Trump that Nvidia and AMD would pay the U.S. government a 15% cut of revenue from chip sales to China in exchange for export licenses.
“Our national security and military readiness relies upon American innovators inventing and producing the best technology in the world, and in maintaining that qualitative advantage in sensitive domains. The United States has historically been successful in maintaining and building that advantage because of, in part, our ability to deny adversaries access to those technologies,” the letter states.
“The willingness displayed in this arrangement to ‘negotiate’ away America’s competitive edge that is key to our national security in exchange for what is, in effect, a commission on a sale of AI-enabling technology to our main global competitor, is cause for serious alarm,” the letter continues.
Senators also warned that selling advanced AI chips — specifically Nvidia’s H20 and AMD’s MI308 chips — to China could help strengthen its military systems, a claim that Nvidia denies.
In a statement to CNBC, a Nvidia spokesperson said: “The H20 would not enhance anyone’s military capabilities, but would have helped America attract the support of developers worldwide and win the AI race. Banning the H20 cost American taxpayers billions of dollars, without any benefit.”
The letter from Senate Democrats also requests a detailed response from the administration by Friday, Aug. 22, regarding the current deal involving Nvidia and AMD, as well as any similar arrangements being made with other companies.
“We again urge your administration to quickly reverse course and abandon this reckless plan to trade away U.S. technology leadership,” the letter states.
A request for comment from the White House and AMD was not immediately returned.
Despite Trump allowing chip sales to resume, it has already become clear that China isn’t welcoming Nvidia back with open arms, instead urging tech companies to avoid buying U.S. companies’ chips, according to a Bloomberg report.
“We’re hearing that this is a hard mandate, and that [authorities are actually] stopping additional orders of H20s for some companies,” Qingyuan Lin, a senior analyst covering China semiconductors at Bernstein, told CNBC.
In a separate report, The Information said regulators in China have ordered major tech companies, including ByteDance, Alibaba, and Tencent, to suspend Nvidia chip purchases until a national security review is complete.
— CNBC’s Kristina Partsinevelos contributed to this report
Tesla has raised Model S and Model X prices by $10,000, but it decided to include its ‘Full Self-Driving’ package, free Supercharging for life, ‘Premium Connectivity’, and a new ‘Premium Service’ for 4 years.
The automaker is now updating pricing and included features to try to shake things up.
Tesla is now making a new ‘Luxe Package’ standard on all Model S and Model X vehicles:
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Full Self-Driving (FSD), previously priced at $8,000, is now included in all Model S and Model X vehicles. The automaker claims that FSD will eventually result in unsupervised autonomous driving, but for the meantime, it is a level 2 driver assistance system.
Tesla is also introducing a new “Four-year Premium Service”:
Includes tire and windshield protection plan plus maintenance. Covers scheduled services including wheel alignment, tire rotations, front camera cleaning and replacement of HEPA filter, cabin filter and wiper blades.
The automaker is also bringing back included Supercharging for life.
Tesla used to offer free Supercharging for life as a perk on Model S and Model X vehicles.
In the new terms, Tesla mentioned that it can’t be used for commercial purposes, such as if you use the vehicle as an Uber, and it is not transferable to a new owner if you sell the vehicle:
Charge for free at 70,000+ Superchargers worldwide. You are still responsible for Supercharger fees, like idle and congestion fees, when applicable. May only be redeemed at Tesla-owned Superchargers. Cannot be used for commercial purposes (e.g., taxi, rideshare or delivery services). If Tesla determines in good faith at its sole discretion that the vehicle is being used for commercial purposes, Tesla may remove the free Supercharging from the vehicle. The vehicle will then default to Pay Per Use Supercharging. Not transferable to subsequent vehicle owners or to another vehicle.
Initially, free Supercharging was tied to the vehicle rather than the owner, but this was later changed.
Finally, Tesla is also including ‘Premium Connectivity’, which enables Tesla owners to use some features that require more bandwidth, such as live traffic visualization, satellite-view maps, and video streaming, amongst other things.
It usually is $10 per month or $100 per year.
All of that comes with a significant price increase. The Model S now starts at $94,990 and $109,990 for the Plaid version.
Model X now starts at $99,990 and goes up to $114,990 if you want the quicker Plaid version.
Electrek’s Take
As the name implies, this looks like Tesla is trying to position Model S and Model X more as luxury vehicles.
A $10,000 price increase is significant, but the added features offer considerable potential value, depending on whether you plan to utilize them.
FSD sells for $8,000, but it only has an impact if you want FSD. If you don’t, Model S and Model X likely became a bad deal for you.
Free Supercharging is hard to value because it depends on how often you need to fast charge on the road.
Personally, I do it a couple of times a month, a little more when I go on road trips. It can take a while to accumulate $1,000 in Supercharger costs like that, but if you are someone who relies more on Supercharger, you can make it worth it fairly quickly.
However, you should take into account that this doesn’t add any resell value to your vehicle as you can transfer the inlcuded Supercharging.
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