Bitcoin and the Cryptocurrency Market Climb Upward as Traditional Systems Race to Resolve the CrowdStrike Outage

Decentralized technology once again made a case for itself on Friday as a global IT outage disrupted banks, media, travel, and a litany of everyday operations.

Bitcoin and the cryptocurrency market climbed higher on Friday as a global IT outage disrupted banks, media, travel, and a litany of everyday operations.

The outage, which began around 11:33 AM ET, impacted a wide range of services, including online banking, airline check-ins, and even 911 calls in some areas. Major banks such as Bank of America, Citigroup, and Wells Fargo were among those affected, as were media outlets like CNN and The New York Times.

Cryptocurrency markets largely boomed as Web2 activity slowed to a crawl in some parts of the world, with over 150 million people reportedly affected. Bitcoin (BTC) rose above $66,500, a one-month high, while the total cryptocurrency market climbed by more than 3% to reach $2.5 trillion for the first time this month.

Solana (SOL) led market gains among the top 10 cryptocurrencies by market cap, surging more than 9% to reclaim $170. Ethereum (ETH) also saw солидные gains, rising 3% to reach $3,500.

Pro-crypto U.S. Senator Cynthia Lummis (R-WY) used the situation to remind the public of Bitcoin’s ability to run seamlessly and bypass centralized points of failure.

“Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin,” Lummis said in a tweet, which also featured a quote from Block head Jack Dorsey about Bitcoin being designed to operate without centralized control.

Bitcoin rose above $66,500 on Friday as a global IT outage impacted Web2 services around the world. Crypto markets largely climbed higher from the Web2 disruptions.

Bitcoin price hits 1-month high after global IT outage, crypto markets climb

Bitcoin and the cryptocurrency market climbed higher on Friday as a global IT outage disrupted banks, media, travel, and a litany of everyday operations.

The outage, which began around 11:33 AM ET, impacted a wide range of services, including online banking, airline check-ins, and even 911 calls in some areas. Major banks such as Bank of America, Citigroup, and Wells Fargo were among those affected, as were media outlets like CNN and The New York Times.

Cryptocurrency markets largely boomed as Web2 activity slowed to a crawl in some parts of the world, with over 150 million people reportedly affected. Bitcoin (BTC) rose above $66,500, a one-month high, while the total cryptocurrency market climbed by more than 3% to reach $2.5 trillion for the first time this month.

Solana (SOL) led market gains among the top 10 cryptocurrencies by market cap, surging more than 9% to reclaim $170. Ethereum (ETH) also saw солидные gains, rising 3% to reach $3,500.

Pro-crypto U.S. Senator Cynthia Lummis (R-WY) used the situation to remind the public of Bitcoin’s ability to run seamlessly and bypass centralized points of failure.

“Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin,” Lummis said in a tweet, which also featured a quote from Block head Jack Dorsey about Bitcoin being designed to operate without centralized control.

Related: Bitcoin price 'could hit $100K by December' as BTC recovers from Thursday low

Among the top gainers in the PAAL AI Launchpad, which saw the largest gains of any cryptocurrency market on Friday. Data showed that the sector boomed by over 103% and was rising at press time.

Ecosystems like TRY Stablecoin, Decentralized Identifier, Farming-as-a-Service, and Pump.fun memecoins also rose at least 20% as the digital asset market enjoyed a green day.

Conversely, the S&P 500 and global stock markets slid slightly due to the CrowdStrike debacle.

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