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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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Kelly Clarkson addresses weight loss medication speculation

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Kelly Clarkson addresses weight loss medication speculation

Kelly Clarkson has addressed speculation about her weight loss, saying she has not used Ozempic but “something else” which has helped her.

The singer and talk show host spoke about the issue with actress Whoopi Goldberg, who has also lost a lot of weight after having treatment, in an episode of The Kelly Clarkson Show.

Numerous Hollywood stars are rumoured to have used Ozempic to lose weight – but just a handful of celebrities have admitted it publicly.

Whoopi Goldberg attends the Bring Change to Mind benefit "Revels and Revelations 11," in support of teen mental health, at City Winery, Monday, Oct. 9, 2023, in New York. (Photo by Evan Agostini/Invision/AP)
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Whoopi Goldberg says she has lost “almost two people” in weight. Pic: Evan Agostini/Invision/AP 2023

The medication was originally designed for people with diabetes, suppressing the appetite and lengthening the amount of time food stays in the stomach, leading to weight loss.

On the show, Goldberg, 68, told Clarkson she had “lost almost two people” in weight by “doing that wonderful shot that works for folks that need some help”. She has previously spoken about using the medication Mounjaro, another diabetes drug approved for weight loss in the US.

Clarkson, 42, responded by sharing her own story: “My doctor chased me for like two years and I was like, ‘No, I’m afraid of it. I already have thyroid problems’,” she said. “Everybody thinks it Ozempic. It’s not.”

Instead, Clarkson said she had used “something else… that aids in helping break down the sugar – obviously my body doesn’t do it right”.

More on Kelly Clarkson

She weighed 203 pounds, or 14.5 stone, at her heaviest, she said, and decided to begin her weight loss journey after watching a performance of herself and not recognising who she was watching on screen.

“You see it, and you’re like, ‘well, she’s about to die of a heart attack’,” Clarkson said.

Read more:
Anti-obesity jabs could reduce risk of heart attacks and strokes
Ozempic to Wegovy – what are the weight loss injections?

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The American Idol star was also told she was pre-diabetic earlier this year.

In January, she told People, she had lost weight after listening to her doctor and was eating “a healthy mix”.

Ozempic has been banned as a treatment for obesity in the UK due to high demand for the drug causing a global shortage.

Stephen Fry was prescribed the drug in the US “years ago” and said earlier this year that side effects included vomiting up to five times a day.

Oprah Winfrey has also said she has taken weight loss drugs, though has declined to specify which one.

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Eurovision says some contestants did not respect ‘spirit of rules’ after controversial competition

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Eurovision says some contestants did not respect 'spirit of rules' after controversial competition

The organiser of the Eurovision Song Contest has said it “regrets” that some contestants did not respect the “spirit of the rules” when taking part in the competition in Sweden.

In a statement on Monday, the European Broadcasting Union (EBU) said it had spoken to a number of delegations during the event regarding what it referred to as “various issues that were brought to our attention”.

It comes after Ireland’s Bambie Thug said they had raised “multiple complaints” to the EBU in the build up to the grand finale in the city of Malmo on Saturday after accusing Israeli broadcaster, Kan, of a rule breach.

The Irish performer accused the Israeli broadcaster of “inciting violence” against them three times and added they were waiting for the EBU to respond.

Bambie – who finished sixth with their gothic song Doomsday Blue – had repeatedly criticised the involvement of Israel’s representative, Eden Golan, who came fifth in the competition, given the ongoing Israel-Hamas conflict.

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Bambie Thug: ‘My favourite non-binary won’

The EBU said this week its governing bodies will work with the heads of delegations to review the events that took place at this year’s Eurovision and “move forward in a positive way and to ensure the values of the event are respected by everyone”.

“Individual cases will be discussed by the event’s governing body, the Eurovision Song Contest Reference Group, made up of representatives from participating broadcasters, at its next meeting,” it said.

Nemo of Switzerland, who performed the song The Code, celebrates after winning the Grand Final of the Eurovision Song Contest in Malmo, Sweden, Sunday, May 12, 2024. (AP Photo/Martin Meissner)
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Nemo celebrates after winning the Eurovision Song Contest. Pic: AP

The 68th edition of the annual song contest was won by Nemo from Switzerland – the first non-binary performer to take the trophy.

But the week of the competition was marred by controversy, after the disqualification of The Netherlands’s contestant Joost Klein who was stopped from taking part over an “incident” where he was alleged to have made verbal threats to a female production worker.

Read more:
Eurovision as it happened
Five Eurovision moments you might have missed

A Pro-Palestinian demonstration ahead of the second semi-final at the Eurovision Song Contest in Malmo
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A Pro-Palestinian demonstration ahead of the second semi-final at the Eurovision Song Contest in Malmo. Pic: AP

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It was the first time in Eurovision history that an act has been disqualified after reaching the grand final.

Meanwhile, around 10,000-12,000 people, including Swedish climate activist Greta Thunberg, took to the streets of Malmo across the weekend to call for Israel to be excluded from the contest.

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How did Eurovision 2024 unfold?


Numerous contestants – including Lithuania, France and Portugal – also tentatively brought politics to the stage after performing in the final, with all of them commenting on the importance of peace.

Israel’s Ms Golan told Sky News after the contest she had ignored all the controversy and was “over the moon” about coming fifth in the competition.

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Future Power Rankings: College football’s top 25 offenses for 2024 and beyond

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Future Power Rankings: College football's top 25 offenses for 2024 and beyond

Spring practice is over and many of the key transfer portal decisions have been made, making it the perfect time to bring back Future Power Rankings — a personnel-based look at the next three seasons around college football.

After examining quarterbacks and defenses, the offenses are in the spotlight, and the landscape is always evolving. Last year’s FPR offense piece opened with a scene from Washington’s practice, noting standouts like quarterback Michael Penix Jr., wide receivers Rome Odunze and Jalen McMillan, and tackle Roger Rosengarten. All of them are gone, selected in the top 100 picks of last month’s NFL draft. Washington also has a new coach (Jedd Fisch) and an entirely new offensive depth chart. Given all the uncertainty, Washington barely made the top 25 offenses through the 2026 season.

There are changes elsewhere, even since the quarterback FPR list back in March. Georgia enhanced its future quarterback outlook with transfer Jaden Rashada, while Miami added to its offensive backfield with running back Damien Martinez. Colorado has reshaped its running back room with Ohio State’s Dallan Hayden and Miami (Ohio)’s Rashad Amos, while losing Dylan Edwards to Kansas State and Alton McCaskill to Arizona State.

Given all the roster fluctuation, the rankings lean more on coaching. Those who have overseen perennially elite offenses — USC’s Lincoln Riley, Ohio State’s Ryan Day, Ole Miss’ Lane Kiffin, Alabama’s Kalen DeBoer, FSU’s Mike Norvell, Tennessee’s Josh Heupel and Texas’ Steve Sarkisian — will continue to be represented here. Coaches taking new jobs — Fisch at Washington, Jeff Lebby at Mississippi State — also will gain consideration.

As always, the offense rankings will largely mirror the quarterback ones, although there are some key differences, especially for teams that have fortified areas such as the offensive line.

Let’s get started.

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