Ethereum

Crypto Twitter This Week: Bitcoin Surge Induces Bull Market Delirium

Crypto Twitter This Week
Illustration by Mitchell Preffer for Decrypt

The cryptocurrency market, already on the rise, went into full-on frenzy this week, bringing many old bull market habits and signals back to cryptocurrency Twitter.

The madness was already in full swing in the first half of this week, when Bitcoin began accelerating at an astonishing rate not seen in years. In just a few days, the world’s leading cryptocurrency fell just north of $50,000. Almost $64,000 (Before settling back slightly to $61,885 at the time of writing).

At certain points on Monday and Wednesday, the token surprised onlookers by repeatedly soaring multiple percentage points within minutes.

When BTC reached $64,000 on Wednesday ($5,000 short of the token’s all-time high set in November 2021), Crypto Twitter was a whirlwind of giddy anticipation. There are still a few weeks left until the hotly anticipated competition. bitcoin halving April — Event where many people expect to send BTC even higher—The short-term potential of the token was truly incredible.

Many cryptocurrency bear market veterans have observed that after just a few days, the industry is already starting to look different. Some have observed that non-crypto friends are starting to take notice of the blossoming market. Others have discovered more signs that the mainstream is starting to re-evaluate cryptocurrencies. This is an indicator of impending bull market madness.

One sign of the surprising mainstream interest shifting towards Bitcoin has been the fact that more than 4% of all Bitcoins currently in circulation have been swallowed up by Bitcoin. Bitcoin ETF Spot—and the numbers are growing.

Another sign that bull market fever was firmly entrenched came mid-week when Coinbase plummeted for many users while Bitcoin rose feverishly. Numerous Coinbase customers have reported seeing their account balances due to an internal glitch. Shows 0 before the problem is resolved.

Coinbase CEO Brian Armstrong (later) presentation The crash is said to have occurred because BTC’s spring exceeded 10 times normal levels, resulting in a surge in app traffic.

However, rather than expressing their frustration, many cryptocurrency users accepted the confusion caused by the incident. This was another sign that the beautiful chaos of the bull market is back.

editor Ryan Ozawa.

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