Cloudflare outage hits multiple crypto websites, social media channels

CryptoQuant CEO Ki Young Ju has identified a realized price level of $56,000 for Bitcoin amid its current correction. He clarified that this figure should not be interpreted as a definitive bottom, emphasizing that market conditions and sentiment could lead to price fluctuations. Ju's analysis categorizes the market into futures, spot, and on-chain segments, noting a shift from futures whales to retail dominance in trading activity.

BlackRock has made substantial deposits of $616 million in Bitcoin and $200 million in Ethereum into Coinbase, signaling a growing institutional confidence in digital assets. This move may contribute to the stabilization of cryptocurrency markets amid ongoing volatility.

Leaked screenshots indicate that Coinbase is developing a prediction markets platform utilizing Kalshi's regulated infrastructure. The images, shared by tech researcher Jane Manchun Wong, suggest that Coinbase is creating a dedicated website for this new service, which could enhance its offerings in the cryptocurrency sector.

Kraken, a US-based cryptocurrency exchange, has secured a $200 million investment from Citadel Securities, leading to a valuation of $20 billion. This investment is part of Kraken's growth strategy, with Citadel expressing commitment to collaborate on risk management and market structure analysis. This funding follows a previous round in September where Kraken raised $600 million at a $15 billion valuation.

Tech researcher Jane Manchun Wong has revealed that Coinbase is developing a prediction markets website. This new platform aims to leverage the growing interest in prediction markets within the cryptocurrency sector.

On Tuesday, Bitcoin (BTC) fell below $90,000, reaching its lowest price in seven months, resulting in over $1 billion in liquidations across the crypto market within 24 hours. Analysts from the Bull Theory noted that this decline was due to structured institutional selling rather than typical market pressure. Despite Bitcoin's downturn, altcoins have remained stable, indicating a divergence in market behavior during this period of volatility.

The Coinbase premium gap has dropped to -$90, indicating a decline in institutional demand and increased selling pressure in the Bitcoin market. This shift reflects changing trends as the cryptocurrency landscape continues to evolve, suggesting a potential impact on investor sentiment and market dynamics.

A significant outage at Cloudflare has disrupted access to several cryptocurrency websites, including Coinbase and Blockchain.com, as well as various social media platforms. Users reported difficulties in reaching these sites following Cloudflare's announcement of an 'internal service degradation.' The incident highlights the reliance of many crypto platforms on Cloudflare's services, raising concerns about the stability of online financial services.