This Week on Crypto Twitter: Bitcoin Surge Triggers Bull Market Delirium

By Decrypt March 04, 2024 In Bitcoin, Twitter

A crypto market already ascendant was whipped into a full frenzy this week, bringing many old bull market habits and signals back to Crypto Twitter.

The madness was already in full swing in the first half of the week, when Bitcoin began accelerating at an astonishing pace not seen in years. Within days, the world’s top cryptocurrency surged from just north of $50,000 to almost $64,000 (before settling back down a bit to $61,885 at writing).

At certain points on Monday and Wednesday, the token repeatedly shot up multiple percentage points within minutes, astonishing onlookers.

By the time BTC approached $64,000 on Wednesday—just $5,000 short of the token’s all-time high from November 2021—Crypto Twitter was a maelstrom of giddy anticipation. With weeks still remaining until the hotly anticipated Bitcoin halving in April—an event many expect will send BTC even higher—the potential for the token’s near-term potential seemed simply mind-boggling.

Numerous die-hard crypto bear market veterans observed that within a matter of days, the industry was already starting to look different. Some observed that their non-crypto friends had started taking notice of the blooming market. Others noticed more signals that the mainstream was beginning to reevaluate crypto, a telltale indication of impending bull market insanity.

One such signal of the phenomenal mainstream interest shifting to Bitcoin came via the revelation that now, over 4% of all Bitcoin in circulation has been swallowed up by spot Bitcoin ETFs—and that figure is only getting bigger.

Yet another sign that bull market fever has solidly set in came in the middle of the week, when Coinbase crashed for many users during the height of Bitcoin’s frenzied ascent. Due to an internal glitch, scores of Coinbase customers reported seeing their account balances appear to be zero before the problem was resolved.

Coinbase CEO Brian Armstrong later announced that the crash was due to a spike in traffic for the app, caused by BTC’s spring exceeding 10 times normal levels.

But instead of expressing frustration, many crypto users embraced the chaos from the incident—as yet another sign from above that the beautiful mess of the bull market was back.

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