Microsoft has acknowledged the glitch, and stated that it is working with CrowdStrike to solve the issue.
On July 19, the world faced a major issue affecting Microsoft Windows PCs, causing the “Blue Screen of Death” (BSoD) error. The problem, which leads to abrupt system reboots and shutdowns, is reported to be linked to a software update from CrowdStrike, the cybersecurity firm.
For millions of users worldwide, this situation has caused great disturbance in several sectors including banks, airlines, supermarkets, and media. The outage has also hit major financial institutions like the London Stock Exchange, therefore upsetting regular trading activities.
However, crypto exchange platforms, Decentralized Finance (DeFi) projects, and blockchain protocols, seem unaffected by the situation. Industry executives have praised the resilience of blockchain technology, contrasting it with the instability seen in traditional financial systems.
The total crypto market capitalization currently sits around $2.293 trillion, down by just 0.16% in the past day. Bitcoin is trading at the $64,000 level with a steady trading volume. The cryptocurrency is up by more than 12% in the last seven days. Other top altcoins, including Ether, Solana, and Ripple are all normal, with little change in their prices.
CrowdStrike and Microsoft-Themed Tokens
Amid this chaos, the cryptocurrency market is seeing a flood of tokens referencing CrowdStrike, Microsoft, BSoD, and related themes. Data from DEXTools and DEXScreener reveals that these tokens, ranging from names like CrowdStrike (STRIKE) to bluescreenofdeat, are actively being traded on Friday.
Some of these newly minted tokens have quickly amassed major liquidity, with stablecoin backing reaching up to $50,000. Their market capitalizations have soared to as much as $1 million.
It is important to note that these tokens lack fundamental value and are likely to become worthless over time. However, they offer a lucrative opportunity for their creators and early buyers in the short term.
Popular token generator Pump.fun is at the forefront of these activities on the Solana blockchain. The platform has enabled users to create tokens based on current events, including those related to CrowdStrike and Microsoft.
The crypto market is currently stable; however, there are increasing worries regarding the wider financial consequences of the technological failure. If the stock market experiences a major downturn due to this incident, it could potentially impact the momentum of the crypto market.
Meanwhile, Microsoft has acknowledged the glitch, and stated that it is working with CrowdStrike to solve the issue.
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