Cryptocurrency Soars as Traditional Finance Stumbles: Microsoft Outage Grounds Airlines and Stocks, But Blockchain Continues to Advance

• The financial market is facing major disruptions due to a Microsoft outage, impacting banks, airlines and stock exchanges.

• The cryptocurrency market remains unchanged, highlighting the reliability of blockchain technology.

The financial market faced major challenges today following a widespread outage of Microsoft. This disruption affected most companies, especially the London Stock Exchange, airlines, and banks. However, the cryptocurrency market remains fairly stable, with industry leaders optimistic about the role of blockchain.

Cryptocurrency market spared from outage

As traditional financial institutions struggle with the effects of the Microsoft problem, the cryptocurrency market has not been affected. At the time of writing, there have been no reports of significant disruptions to major cryptocurrency exchanges, DeFi, or protocols; trading volumes are up. Industry executives attribute this stability to the inherent strengths of blockchain technology, which operates independently of centralized financial systems.

Nansen, a blockchain intelligence firm, said that decentralized finance (DeFi) models are more secure than traditional centralized models. The company said that using blockchain technology could have potentially halved such outages in the future. Solana co-founder Anatoly Yakovenko shared similar views on X, saying that conventional systems are just “thin clients in one giant Windows computer.”

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Cryptocurrency users also shared their opinions, saying that blockchain can help eliminate errors in financial transactions. One user, @emilyjnicolle, REMARK, “A technical glitch at Microsoft leaves the world in shock, and yet… the status pages of cryptocurrency exchanges remain clear?”

However, some market commentators have expressed concerns about indirect effects, even though the cryptocurrency market appears stable for now. While the Microsoft outage has not impacted the structures of cryptocurrency businesses, it may affect macro trading sentiments in the future. institutional investments Bitcoin and other cryptocurrencies have created a closer correlation between the cryptocurrency market and traditional stock markets.

Major institutions around the world are facing service disruptions

Microsoft’s outage affected almost all organizations Microsoft services have been disrupted across many industries, including financial, educational, and other sectors. Banks, airlines, supermarkets, and financial exchanges have all experienced major service outages. Microsoft has acknowledged the issue and said it is working to establish the root cause of the particular problem.

The DownDetector website, which tracks internet outages reported by users, recorded increasing service outages at Visa, ADT Security, Amazon and airlines including American Airlines and Delta. In Australia, airlines, telecommunications providers, banks and media broadcasters were affected because they were unable to access their computer systems. Some New Zealand banks were also affected.

Microsoft 365 posted on X that the company was “working to redirect impacted traffic to alternative systems to mitigate the impact more quickly” and noted a “Positive trend in service availability.”

According to the Federal Aviation Administration (FAA), all US airlines, United, American, Delta and Allegiant, have been grounded. In the UK, airlines, railways and television stations have been hit by computer problems.

Ryanair, rail operators TransPennine Express and Govia Thameslink Railway, and television channel Sky News are among the companies affected. Ryanair has asked passengers to arrive at the airport at least three hours before departure. The Microsoft outage highlighted the contrasting resilience between traditional financial systems and the cryptocurrency market.

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