NewsletterMicrosoft Outage: Crypto and Web3 Remain Unfazed Amid Tech Glitch
Highlights
- Major banks and airlines have faced a severe IT outage.
- This is linked to a technical issue with Microsoft systems.
- The crypto markets remain unaffected by the recent glitch.
The financial market has faced headwinds today following a Microsoft outage glitch. This has seen institutions like the London Stock Exchange, airlines, and banks face severe impacts. However, crypto markets and exchanges remain clear with positive comments from the industry.
Crypto Market Stays Unaffected
The glitch rocking financial institutions has yet to leave a trail on the crypto market. At press time, major crypto exchanges, DeFi projects, and protocols remain active with increasing volumes. Crypto executives have pointed to the underlying value of blockchain technology amid pushback from financial intermediaries. However many fear for the impact on wider economic sentiment a stock plunge might limit the market’s momentum.
— Elon Musk (@elonmusk) July 19, 2024
Blockchain analytics firm Nansen took a jab at centralized finance pitching decentralized finance (DeFi) models. The firm added that blockchain technology can fix this outage. Meanwhile, the co-founder of Solana, Anatoly Yakovenko wrote on X (formerly Twitter) that machines are thin clients into one giant Windows computer.
Crypto users also reacted to the Microsoft outage pointing to blockchain development to prevent defects in financial interactions and corporate transactions. X user, @emilyjnicolle wrote. “a Microsoft glitch leaves the whole world reeling, and yet… crypto exchange status pages remain clear?”
However, several market commentators state that while the Microsoft outage did not affect the structure of crypto firms, it might have an impact on macro trading sentiments. Recent institutional investment in Bitcoin and other crypto assets has seen the market trade in correlation to stocks amid huge macro impacts. Market watchers opine that this might stunt the crypto price recovery efforts.
Microsoft Outage Rocks Institutions
Global institutions have experienced a significant disruption to service linked to tech glitches. This spans banks, airlines, supermarkets, and financial exchanges. A company official explained that an investigation was being chaired out on the matter.
“we’re investigating an issue impacting users’ ability to access various Microsoft 365 apps and services”.
In the United States, several 911 classes have been disrupted while other countries face airline check-in. Issues and related challenges. The company has announced that the cause of the disruption is fixed pointing to the residual impact of the outage on Office 365 apps and services. In the meantime, airport authorities have called for improved service from airlines for delayed travelers.
Also Read: Charles Hoskinson Contests Elon Musk and Robert Kiyosaki On Trump RNC Speech
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