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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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Sports

Mets’ Alvarez (thumb) progressing in recovery

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Mets' Alvarez (thumb) progressing in recovery

NEW YORK — Francisco Álvarez checked off another box Saturday in his return from tearing the ulnar collateral ligament in his left thumb last month.

The New York Mets catcher took batting practice on the field Saturday for the first time since injuring the thumb sliding into second base against the Los Angeles Dodgers on April 19. He took more than 20 swings before the Mets hosted the San Francisco Giants at Citi Field.

Asked if he took the swings at full strength, Álvarez pointed out that he hit a ball 115 mph. That, he joked, said it all.

“I’m very happy and excited to be back on the field,” Álvarez, 22, said. “I’m very happy with how everything is going.”

Álvarez, who underwent surgery on the thumb April 23, explained he is still a few steps away from going on a rehab assignment. The next checkpoints include hitting off a pitching machine to face velocity before facing live pitching and catching bullpens.

The Mets announced a six-to-eight-week timeline for Álvarez following the surgery. Tuesday marks five weeks.

“I don’t know if it’s a few more weeks or days,” Álvarez said. “It’s really how is everything going? If I keep feeling good, if I keep doing good, if I don’t feel nothing in my thumb, my batting cage is feeling good, maybe it’s a couple of weeks, a couple of days.”

Álvarez said he sought out advice from Kansas City Royals catcher Salvador Pérez, a fellow Venezuelan who sustained the same UCL thumb injury in 2022. Two years later, Pérez, one of the most productive hitters in the majors this season, told Álvarez about the recovery process and the need to take his time.

The Mets, meanwhile, have had some of the worst production in the majors from the catcher position without Álvarez. Mets catchers Tomas Nido and Omar Narvaez have combined to for a .194 batting average since April 20, the fourth-worst mark in the majors. Their collective 38 wRC+ ranks 28th, ahead of only the Washington Nationals and Chicago Cubs.

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Politics

‘More holes than Swiss cheese’: Unite union attacks Labour’s ‘rebrand’ of workers’ rights plan

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'More holes than Swiss cheese': Unite union attacks Labour's 'rebrand' of workers' rights plan

Sir Keir Starmer has defended Labour’s decision to rebrand its package of workers’ rights after a union said the plans had “more holes than Swiss cheese”.

Sharon Graham, general secretary of the Unite union, accused the party of watering down its policies after it rebranded “Labour’s new deal for working people” as “Labour’s plan to make work pay”.

Reports suggest it would go through a formal consultation process with businesses, potentially delaying or toning down pledges on areas like zero-hours contracts, parental leave and sick pay.

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Ms Graham said: “The again revised New Deal for Working People has more holes in it than Swiss cheese. The number of caveats and get-outs means it is in danger of becoming a bad bosses’ charter.

“Working people expect Labour to be their voice. They need to know that Labour will not back down to corporate profiteers determined to maintain the status quo of colossal profits at the expense of everyone else.

“The country desperately needs a Labour government, but the party must show it will stick to its guns on improving workers’ rights.”

Unite union general secretary Sharon Graham, joins ambulance workers on the picket line outside ambulance headquarters in Coventry
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Sharon Graham urged Labour to ‘stick to its guns on improving workers’ rights’. Pic: PA

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Asked about the comments during a visit to Staffordshire, Sir Keir said: “We have come to an agreement with the unions.

“At the heart of this is something really important to me and that’s dignity and respect at work and I think everybody should be treated with dignity and respect at work.

“There’s another really important angle on this, which is the number one mission for an incoming government is to grow the economy to make sure our economy ensures living standards are improved everywhere across the country.

“I don’t think you can do that if you don’t treat your workforce properly.”

Elements of Labour’s plan include a “right to switch off”, a proposed ban on zero hours contracts and stronger employment rights from day one of a new job.

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The party has also said it wants to empower adult social care professionals and trade unions that represent them to negotiate a sector-wide agreement for pay, terms and conditions.

A Labour spokesperson said: “Labour’s new deal for working people is our plan to make work pay. It’s how we’ll boost wages, deliver secure work and support working people to thrive – delivering a genuine living wage, banning exploitative zero hours contracts, and ending fire and rehire.

“The new deal is a core part of our mission to grow Britain’s economy and raise living standards in every part of the country. Labour will make Britain work for working people.”

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World

Fire breaks out at amusement park in India, killing at least 24 people

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Fire breaks out at amusement park in India, killing at least 24 people

A huge fire has broken out at an amusement park in western India, leaving at least 24 people dead.

The blaze happened at the park in the city of Rajkot, with the cause of the fire being investigated.

Many children are reported to be among those who died in the catastrophe in the Gujarat state, western India.

Police Commissioner Raju Bhargava said the flames were now under control and 20 bodies had been recovered.

Flames were seen engulfing the TRP game zone and thick clouds of smoke rose into the sky.

A police official at the local civil hospital said some of the bodies were charred beyond recognition.

The scene of the fire which has left at least 20 people dead. Pic: AP
Image:
The scene of the fire which has left at least 24 people dead. Pic: AP

The park is usually packed with families with children enjoying the school summer vacation over the weekend.

Footage showed firefighters clearing debris around collapsed tin roof structures that media reports said were used for bowling, go-karting and trampoline attractions.

Mr Bhargava said police will file a case of negligence against the owner of the park.

The city’s mayor, Nayana Pedhadiya, also vowed that action would be taken.

He said: “Our focus is on rescue operations and saving lives. We will ensure strict action is taken against the people who are responsible for this incident.”

The cause of the fire is not yet confirmed, the district’s chief fire officer said.

Some 20 bodies were recovered. Pic: AP
Image:
The scene of the fire which has left at least 24 people dead. Pic: AP

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India’s Prime Minister Narendra Modi wrote on X that he was “extremely distressed by the fire mishap in Rajkot”.

“My thoughts are with all those who have lost their loved ones,” he added.

“Prayers for the injured.”

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