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.
Cassie Ventura broke down in tears in court as she described her “personal shame” at taking part in “freak off” sex sessions for Sean Combs – and also accused him of raping her as their relationship came to an end.
During her second day of testimony, the singer and model told jurors of several alleged violent incidents and said the hip-hop mogul, who was known as Puff Daddy and Diddy throughout his career, blackmailed her with compromising videos.
At one point, the courtroom in Manhattan, New York, fell silent as sexually explicit images from “freak offs” were shown to jurors, but kept private from the public gallery. These included images of Ms Ventura and escorts.
Combs asked his lawyer Marc Agnifilo to see a binder of the images, and thumbed through it for a few moments before handing it back.
Image: Combs watched as hotel CCTV was played in the courtroom
The 55-year-old, once one of the most powerful men in the music industry, has pleaded not guilty to charges of sex-trafficking, racketeering conspiracy, and transportation to engage in prostitution.
Prosecutors allege he used his fame and fortune to coerce Ms Ventura and other women into abusive sex sessions with escorts. His lawyers have conceded he could be violent, but argue that all sexual encounters were consensual and he never veered into sex trafficking and racketeering.
Ms Ventura, who is heavily pregnant with her third child, kept calm and composed for most of her evidence on Wednesday, but broke down at the end of the day when asked why she had chosen to testify.
“I can’t carry this anymore,” she told the court. “I can’t carry the shame, the guilt, the way he treated people like they were disposable. What’s right is right, what’s wrong is wrong. I came here to do the right thing.”
Early in 2023, she said she started suffering from “flashbacks” and had suicidal thoughts, so went to rehab and trauma therapy.
Image: Jurors were shown images of bruises on Ms Ventura’s body
It is “impossible to know” how many “freak offs” she participated in, but it was in the hundreds, she told the court. Asked if she has been involved in any since ending the relationship in 2018, she replied: “No.”
Ms Ventura, 38, alleged that Combs raped her at her home in Los Angeles, after she told him she was ending things.
“I just remember crying and saying no, but it was very fast,” she said, her voice trailing off.
She told jurors she did have consensual sex with the rapper on a subsequent occasion. “We’d been together for over 10 years. You just don’t turn feelings off,” she said.
Ms Ventura sued Combs in November 2023, and settled within 24 hours. She received £20m, the trial was told.
Combs ‘threatened Cassie and Kid Cudi’
Ms Ventura’s second day of testimony also included details of how she briefly dated Scott Mescudi, better known as singer and rapper Kid Cudi, during a low point in her relationship with Combs in 2011.
Combs lunged at her with a corkscrew and kicked her in the back when he found out, jurors heard, and threatened to blow up Mescudi’s car.
These allegations were also detailed in her lawsuit, which alleged his car did “explode in his driveway” around this time.
During several hours on the stand, Ms Ventura told how she hid the extent of Comb’s alleged violence from loved ones, and described one incident when she allegedly suffered a “pretty significant gash” above her left eye after he threw her into a bed frame.
Rather than go to hospital, his security staff took her to a plastic surgeon in Beverly Hills, she said.
The hotel CCTV ‘attack’
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1:29
CCTV footage shows Diddy ‘attacking’ Cassie in hotel
An incident at a hotel in Los Angeles in March 2016, which has come up several times during the trial already, was also discussed again.
CCTV from the hotel, which was first released by CNN in May 2024, showed Combs allegedly beating Ms Ventura in a hallway.
Jurors were shown photos of her with a swollen lip following the incident as she testified. She said a friend of hers saw her injuries and was “super upset” because she’d “seen me with black eyes and busted lips before”.
She also spoke about a trip to Cannes in 2013, after which she said the rapper began playing a recording of a “freak off” on his laptop on a commercial flight to New York, with other people around them – telling her he was “going to embarrass me and release them”.
Image: Combs allegedly threw a vase during the hotel incident. Pic: Department of Justice via Reuters
Asked if the freak offs impacted her health, Ms Ventura said she had stomach problems and frequently developed urinary tract infections. She was also affected mentally, she told the court, saying they made her feel “really empty” and “gross”.
Throughout her testimony, Ms Ventura has maintained she never wanted to have sexual experiences with other people but did it at first to please the man she loved, and later out of fear. She was 22 and inexperienced when she started dating Combs, who was 17 years older, she said.
The trial continues with cross-examination of Ms Ventura from the defence tomorrow.
LAS VEGAS — Vegas Golden Knights captain Mark Stone sat out Game 5 on Wednesday night in the second-round playoff series against the Edmonton Oilers because of an upper-body injury.
Stone was injured in the first period Saturday in a last-second 4-3 victory by the Golden Knights and did not play in the second and third period. He returned, however, to play in Game 4 on Monday, a 3-0 Vegas loss.
Stone had two goals and two assists in the first two games of the series but has not scored a point since then.
The Oilers took a 3-1 series lead into Wednesday’s game.
Cassie Ventura broke down in tears in court as she described her “personal shame” at taking part in “freak off” sex sessions for Sean Combs – and also accused him of raping her as their relationship came to an end.
During her second day of testimony, the singer and model told jurors of several alleged violent incidents and said the hip-hop mogul, who was known as Puff Daddy and Diddy throughout his career, blackmailed her with compromising videos.
At one point, the courtroom in Manhattan, New York, fell silent as sexually explicit images from “freak offs” were shown to jurors, but kept private from the public gallery. These included images of Ms Ventura and escorts.
Combs asked his lawyer Marc Agnifilo to see a binder of the images, and thumbed through it for a few moments before handing it back.
Image: Combs watched as hotel CCTV was played in the courtroom
The 55-year-old, once one of the most powerful men in the music industry, has pleaded not guilty to charges of sex-trafficking, racketeering conspiracy, and transportation to engage in prostitution.
Prosecutors allege he used his fame and fortune to coerce Ms Ventura and other women into abusive sex sessions with escorts. His lawyers have conceded he could be violent, but argue that all sexual encounters were consensual and he never veered into sex trafficking and racketeering.
Ms Ventura, who is heavily pregnant with her third child, kept calm and composed for most of her evidence on Wednesday, but broke down at the end of the day when asked why she had chosen to testify.
“I can’t carry this anymore,” she told the court. “I can’t carry the shame, the guilt, the way he treated people like they were disposable. What’s right is right, what’s wrong is wrong. I came here to do the right thing.”
Early in 2023, she said she started suffering from “flashbacks” and had suicidal thoughts, so went to rehab and trauma therapy.
Image: Jurors were shown images of bruises on Ms Ventura’s body
It is “impossible to know” how many “freak offs” she participated in, but it was in the hundreds, she told the court. Asked if she has been involved in any since ending the relationship in 2018, she replied: “No.”
Ms Ventura, 38, alleged that Combs raped her at her home in Los Angeles, after she told him she was ending things.
“I just remember crying and saying no, but it was very fast,” she said, her voice trailing off.
She told jurors she did have consensual sex with the rapper on a subsequent occasion. “We’d been together for over 10 years. You just don’t turn feelings off,” she said.
Ms Ventura sued Combs in November 2023, and settled within 24 hours. She received £20m, the trial was told.
Combs ‘threatened Cassie and Kid Cudi’
Ms Ventura’s second day of testimony also included details of how she briefly dated Scott Mescudi, better known as singer and rapper Kid Cudi, during a low point in her relationship with Combs in 2011.
Combs lunged at her with a corkscrew and kicked her in the back when he found out, jurors heard, and threatened to blow up Mescudi’s car.
These allegations were also detailed in her lawsuit, which alleged his car did “explode in his driveway” around this time.
During several hours on the stand, Ms Ventura told how she hid the extent of Comb’s alleged violence from loved ones, and described one incident when she allegedly suffered a “pretty significant gash” above her left eye after he threw her into a bed frame.
Rather than go to hospital, his security staff took her to a plastic surgeon in Beverly Hills, she said.
The hotel CCTV ‘attack’
Please use Chrome browser for a more accessible video player
1:29
CCTV footage shows Diddy ‘attacking’ Cassie in hotel
An incident at a hotel in Los Angeles in March 2016, which has come up several times during the trial already, was also discussed again.
CCTV from the hotel, which was first released by CNN in May 2024, showed Combs allegedly beating Ms Ventura in a hallway.
Jurors were shown photos of her with a swollen lip following the incident as she testified. She said a friend of hers saw her injuries and was “super upset” because she’d “seen me with black eyes and busted lips before”.
She also spoke about a trip to Cannes in 2013, after which she said the rapper began playing a recording of a “freak off” on his laptop on a commercial flight to New York, with other people around them – telling her he was “going to embarrass me and release them”.
Image: Combs allegedly threw a vase during the hotel incident. Pic: Department of Justice via Reuters
Asked if the freak offs impacted her health, Ms Ventura said she had stomach problems and frequently developed urinary tract infections. She was also affected mentally, she told the court, saying they made her feel “really empty” and “gross”.
Throughout her testimony, Ms Ventura has maintained she never wanted to have sexual experiences with other people but did it at first to please the man she loved, and later out of fear. She was 22 and inexperienced when she started dating Combs, who was 17 years older, she said.
The trial continues with cross-examination of Ms Ventura from the defence tomorrow.