Bitcoin surged more than 6% today, July 19, 2024, breaking through $65,000 and then $67,000. This price action occurred during a global IT outage on July 19 that shut down a variety of services around the world, including airlines, banks, media companies, and the London Stock Exchange.
The global IT outage was identified as a technical issue with a software update from cybersecurity firm CrowdStrike. Microsoft confirmed that the root cause of the outage has been resolved, but some Office 365 apps and services are still experiencing residual impacts.
CrowdStrike CEO George Kurtz apologized for the technical issue and said a fix was being implemented. The issue was not a security incident or cyberattack, according to CrowdStrike and the UK’s National Cyber Security Centre.
The blackout caused significant disruption, with thousands of flights cancelled worldwide. In the UK, GPs and pharmacies struggled to get appointments and some hospitals declared major incidents. The London Ambulance Service reported a “huge increase” in calls to its 999 and 111 services.
The outage also affected businesses, with long lines forming at airports and check-in counters. Microsoft advised affected users to try rebooting their systems multiple times to resolve the issue.
The incident highlighted the vulnerability of interconnected systems and the potential for a single technology issue to cause widespread disruption.
Can Bitcoin Reach New All-Time Highs?
Bitcoin had a strong rally last week, rising more than 16%, according to CoinMarketCap.
Given recent predictions and market trends, it seems very likely that Bitcoin will soon reach a new all-time high. Many analysts and experts have expressed bullish sentiments about Bitcoin’s price potential, with some even predicting that it could reach a new all-time high in the coming weeks or months.
@JavonTM1 noted in a post on X on July 18, 2024 that Bitcoin has broken out and could rally another 15% or more to $76,000 to hit a new all-time high, but even then, the rally may not be over.
At the time of writing, today’s Bitcoin price was $67,007 and the 24-hour volume was over $36 billion. Bitcoin is up 5.35% in the last 24 hours.
Also Read: Bitcoin Whale ‘Mr. 100’ Continues Buying Frenzy Even As BTC Surpasses $64,000