Crypto Twitter This Week: Bitcoin Surge Induces Bull Market Delirium

adminMarch 4, 2024

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.

What’s going on? #Bitcoin That’s $63,500 before halving!
PREEEE HALVINGGGGGGGGG.
This bull run will change so many lives forever ❤️
— Aj (@Ajwritescrypto) February 28, 2024

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.

Signs that we are inching towards chaos:
– Coinbase is climbing the App Store rankings.
– VCs investing without looking at the deck (wild 😭)
– Cryptocurrency advertising on Instagram.
– Non-crypto friends asking for advice.
– Influencers are returning in 2021.
– Google Trend Keywords (BTC, crypto)
— Abhz 💭 (@Aabbhhz) March 2, 2024

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.

There are 1.82 million BTC across all exchanges.
Every day the ETF is buying 10K, or about 0.5%.
In just one week, this represents 4% of the total Bitcoin transaction supply.
Now multiply by 12 weeks. Half of the supply: “Poof”
Bring a photo? Do you understand? pic.twitter.com/o73fIO5Jxe
— Fred Krueger (@dotkrueger) February 29, 2024

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.

I just got fired @Coinbase
I was a front-end engineer who decided to build a portfolio page. If the connection to the server is lost, instead of the simple error message “Unable to load balance”, you will see “Balance zero” and the graph will go straight down.
— ethereumdegen.eth 🕶️ᵍᵐ (@ethereumdegen) February 28, 2024

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.