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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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Starmer condemned for telling MP ‘she talks rubbish’

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Starmer condemned for telling MP 'she talks rubbish'

Sir Keir Starmer should have reassured and explained his immigration policy to a senior Welsh MP rather than telling her “you’re rubbish”, Labour peer Harriet Harman said.

Speaking to Beth Rigby on the Electoral Dysfunction podcast, Harriet Harman criticised the prime minister for telling Plaid Cymru Westminster leader Liz Saville Roberts during PMQs “she talks rubbish” after she called him out for using “island of strangers” in his immigration speech on Monday.

Baroness Harman said: “He should have actually explained ‘look, this is what we’re getting at. We’re it’s a communitarian message, it’s about neighbourliness, it’s about integration’.

“And he should have done that and reassured her and explained rather than just slapping her down.

“I just think to call across the chamber, ‘you’re rubbish’ – I think a prime minister has the opportunity to be a bit more magisterial in that.”

She said she has “been that woman standing there asking the prime minister a heartfelt and serious question, and had the prime minister say, ‘you’re rubbish'”.

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Starmer’s speech divides opinion

Baroness Harman added: “I kind of went ‘ouch’ at that point, because I’ve been in that situation myself.

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“I think people do want an explanation and he’s got an explanation and he should have done that rather than hit at the messenger.”

After Sir Keir used the phrase “island of strangers” while announcing a crackdown on immigration, fellow Labour MPs, businesses and industry reacted angrily.

The rhetoric was likened by some critics to Enoch Powell’s rivers of blood speech.

Ahead of PMQs on Wednesday, Cabinet Office minister Pat McFadden tried to move the debate away from Sir Keir’s controversial remarks.

“I think we should focus on the policy,” he told Sky News.

“Immigration has contributed a huge amount to the UK, it will in the future, I think the public want a sense of rules around it, that is what the prime minister was speaking about.”

He said the row was “overblown” and he might use the “island of strangers” phrase “depending on the context”.

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MPs on farming committee call on Rachel Reeves to delay family farm tax

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MPs on farming committee call on Rachel Reeves to delay family farm tax

The UK’s food security and the future of farming lies in Rachel Reeves’ hands, a leading MP has said as a committee called on the government to delay farm inheritance tax changes.

The environment, food and rural affairs (EFRA) committee has released a report calling on the government to delay the reforms for a year until April 2027.

Chancellor Rachel Reeves announced in the October budget farmers would no longer be allowed to claim inheritance tax relief for farms worth more than £1m from April 2026.

The move prompted multiple protests in Westminster by farmers who said it will threaten the future of thousands of multi-generational family farms.

The EFRA committee, made up of seven Labour MPs and four Lib Dem and Tory MPs, said a pause in the implementation would “allow for better formulation of tax policy and provide the government with an opportunity to convey a positive long-term vision for farming”.

A delay would also protect vulnerable farmers who would have “more time to seek appropriate professional advice”, the MPs said.

farmers protest in central london over inheritance tax - SN screengrab
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There have been multiple protests

The MPs raised concerns the change was announced “without adequate consultation, impact assessment or affordability assessment”, leaving the impact on farms and food security “disputed and unclear”.

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They said it risks producing “unintended consequences” and threatens to “affect the most vulnerable”.

The MPs have called on the government to consider alternative reforms.

Read more:
Food prices could rise due to inheritance tax rise

Typical family farm ‘would have to spend 159% of its profits for a decade to pay’ tax

Chair of the EFRA Committee Alistair Carmichael said the government should pause and reconsider the farmers' inheritance tax changes
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Chair of the EFRA Committee Alistair Carmichael said the government should pause and reconsider the farmers’ inheritance tax changes

Alistair Carmichael, the Lib Dem chair of the committee, told Sky News: “There is a need for inheritance tax to be reformed.

“The use of land purchase by the super rich as a means of sheltering their wealth is something which is not in the public interest or farmers.

“But this is not the way to go about reform.

“The risk is you see farmers selling out, they will sell out to people who are not going to use land for food production then we risk losing food security – we’ve seen how foolish relying on exports is after Putin’s invasion.”

Jeremy Clarkson arrives in central London to join the farmers protest over the changes to inheritance tax (IHT) rules in the recent budget with introduce new taxes on farms worth more than ..1 million. Picture date: Tuesday November 19, 2024. PA Photo. Farmers have reacted over the inheritance tax changes for farming businesses, which limit the 100% relief for farms to only the first ..1 million of combined agricultural and business property. For anything above that, landowners will pay a 20% tax rate, rather than the standard 40% rate of inheritance tax (IHT) applied to other land and property. PA Photo. Photo credit should read: Aaron Chown/PA Wire
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Celebrities such as Jeremy Clarkson have drawn attention to the outrage

He added “as an outsider looking in”, the way in which the Treasury handled the inheritance tax announcement, after Labour said in opposition they would not change it, “has created a real problem of political authority” for Environment Secretary Steve Reed.

“It’s a problem the Treasury themselves can solve,” he said.

“Their own backbenchers increasingly think they should solve this and our report today gives them an opportunity to do that if they choose to take it.

“It really is up to the Chancellor of the Exchequer. It is over to her now.”

The committee report says before the autumn budget 70% of farmers felt optimistic about their futures, but that fell to 12% after the budget.

The survey, by the Farmers Guardian in March, also found 84% of farmers felt their mental health has been affected by the announcement.

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Key points from the budget

Farmers said the government announcing the closure of applications to this year’s sustainable farming incentive with just hours to go, was also a cause.

The committee said there are other ways to achieve reform, and called on the government to publish its evaluation and rationale for not following alternative policy measures.

They also said the Department for the Environment, Food and Rural Affairs has a pattern of “poor communication and last-minute decision-making following rumours and departmental leaks”.

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Ukrainian man charged over fires at properties and car linked to Sir Keir Starmer

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Ukrainian man charged over fires at properties and car linked to Sir Keir Starmer

A 21-year-old man has been charged with three counts of arson with intent to endanger life after fires at two properties and a car linked to Prime Minister Sir Keir Starmer.

Roman Lavrynovych, a Ukrainian national from Sydenham, southeast London, is due to appear at Westminster Magistrates’ Court on Friday, the Metropolitan Police said.

The force said officers from the Met’s Counter Terrorism Command led the investigation because of the connections to the prime minister.

Sir Keir Starmer house
Metropolitan Police
Fire Pic: LNP
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Pic: LNP

Emergency services were called to a fire in the early hours of Monday at a house in Kentish Town, north London, where Sir Keir lived with his family before becoming prime minister.

Damage was caused to the property’s entrance but nobody was hurt.

A car was also set alight in the same street last Thursday.

A forensics officer is seen in Kentish Town, north London. Police are investigating a fire at Sir Keir Starmer's house in north London. Picture date: Monday May 12, 2025.
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Forensic workers at a house in Kentish Town owned by the prime minister. Pic: PA


There was another blaze at the front door of a house converted into flats in Islington, also linked to the prime minister, on Sunday.

One person was taken to safety via an internal staircase by crews wearing breathing apparatus, London Fire Brigade said.

The head of the Crown Prosecution Service counter terrorism division, Bethan David, said: “These charges relate to two fires at residential addresses in Islington on Sunday May 11 and in Kentish Town on Monday May 12, as well as a car fire in Kentish Town on Thursday May 8.

“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that he has the right to a fair trial.”

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