Widespread Network Disruptions
CrowdStrike’s security tools are being explored by the company after they created the blue screens of death and thus rendered unworkable the major entities’ systems that connected to their systems for Microsoft-based platforms last Thursday night. Other major clients like government departments, banks, and airlines were the most affected parties as their computers started to show the feared blue screen of death.
Bitcoin Remains Unfazed
According to a Friday report, CrowdStrike has already begun taking active measures to resolve their customers’ concerns over “defect found in a single content update for Windows hosts.” They continue to assure clients that the issue only concerns Mac and Linux utilizing hosts, and it is not a security incident or cyberattack. CrowdStrike revealed that it was not a security hacker attack because the problem was already recognized, evaporated, and was rectified.
Bitcoin, however, remained unharmed due to the fact that it relied on the Linux-based frameworks that are not vulnerable to the Microsoft software that was attacked, Taras Kulyk, the CEO of SunnySide Digital, a reseller of hardware and services for data centers and digital mining infrastructure, suggested.
The Irony of System Shutdowns
“The problem of worldwide bank crashes due to the server issue is amusing since Bitcoin continues to work perfectly”, Kulyk commented. He stated that referring to the Bitcoin hash rate chart, most if not all miners use Linux-based frameworks. He said in a jocular tone, “Bitcoin remains on the hash chain, and it irks me to say it, but, ‘tick tock, the following block deduces itself'”.
Explaining what their systems are built on, Kulyk mentioned that these are the bases on which the blockchains are set up and depending on them will define their susceptibilities to such server shutdowns. The Microsoft systems that are using .NET frameworks are in a worse position than those that are Linux-powered and their hardware and software are developed for showing a greater resistance to cyber threats.
Decentralization and Privacy
Speaking of the specific reasons for the choices between the two operating systems, Kulyk focused on the core principles, such as the application of strong privacy rights, decentralization, and empowerment of individuals against centralized authority, that constitute the interactions between Microsoft and Linux systems. Bitcoin miners who always prefer free code (open-source code) to the one that is currently existing and large-scale enterprise players are the two main vanguards that enrich the Linux platform. The majority of the miners, those who are in perfect harmony with the cypherpunks’ ethical values, choose Ubuntu as their running operating system.
Market Reactions
CrowdStrike corrected the update to restore the original defective parts, but the damage from the glitch was considerably big. According to Yahoo Finance, CrowdStrike (CRWD) stock declined by 11.10%. On the other hand, it looked as if the complete crypto market was rally strong throughout the day, since the cryptocurrency market soared by 4.6%. Bitcoin (BTC) is currently trading at $67,224, according to CoinGecko.
On-Chain Metrics
According to the data, the onchain analytics company Santiment mentioned that the number of BTC wallets that are hoarding the coin has steadily decreased in the last month. Even though it may appear to be a problem at first sight, Santiment expresses that it might be potentially positive for traders. “When we have one big washout as we had now, the chance for a continuation higher is even higher,” revealed the institution.
Concurrent with this, the amount of Bitcoin supply being in profit is also going down, currently realizing 89.43% according to Glassnode data. Although this may seem bad, other metrics tell a different story. In a more not long ago note, the founder of CryptoQuant Ki Young Ju pointed out amongst the others that the over-the-counter (OTC) markets were the ones dominating in the centralized exchanges markets, thus the institutional accumulation.
