Illustration by Mitchell Priefer for Decryption
Although it has seen many starts and stops, this week has continued the cryptocurrency market's massive upward trajectory — and caused some hiccups along the way.
On Monday, CryptoPunk was sold at a huge price $16.03 million Valued at ETH at the time of sale, it is the second highest price ever commanded by a piece in the premium Ethereum NFT pool. Cryptocurrency users hailed the occasion as a sign that… Long struggle The NFT market may be along for the bull market ride that is currently sending many cryptocurrencies soaring.
On Tuesday, that ride got even crazier when Bitcoin briefly surpassed its all-time high More than $69,000. He. She It was a cathartic moment on Twitter, validating the faith of Bitcoin advocates who have remained steadfast in their convictions through many harsh cryptocurrency winters.
Some Bitcoin fanatics have seized the opportunity to pin it on haters with little regard for modesty or decency.
By the end of the week, Bitcoin had not only reached an all-time high, but even higher $70,000– But ETH too It exceeded $4000He punched Solana briefly Above $150sparking a wave of excitement and hype across the crypto world.
Everyone seemed to be enjoying the heat, except for Coinbase, which saw many fluctuations Breakdown And failure During a record-breaking week.
Some took good faith in the series of outages, joking that it wasn't a significant milestone in cryptocurrency prices unless Coinbase was down.
However, others were less enthusiastic about the financial services provider's disruption of recurring major trading events.
It quickly became a joke — or a conspiracy theory, depending on the individual — that Coinbase was intentionally throttling its platform to prevent trading in certain moments of market volatility, just as happened with Robinhood. Close trading During 2021's explosion of interest in GameStop shares.
No evidence has yet emerged to support the claim that Coinbase intentionally disrupted its platform. CEO of the stock exchange, Brian Armstrong, He said last week The outages were due to unprecedented spikes in user traffic.
Edited by Ryan Ozawa.
