InstaForex

October 5, 2021

Facebook ‘Down’? Bitcoin (BTC) Relax Je Shows 4.5% Increase In Two Hours

 The incident of disruption of social media platforms: Facebook, Instagram and Whatsapp last night invited a spike in the price of Bitcoin (BTC) and other crypto assets.


Based on observations, the BTC price recorded a 4.5% increase to over $ 49,000 after declining to a daily low, $ 47,166.


Similarly the price of Ethereum (ETH) jumped 3.5% over the same period, hitting $ 3,411.


The disruption of these three social media platforms was the worst incident since 2008. At that time, it was reported that Facebook was in 'offline' status due to the presence of a bug.


Proponents of crypto using this opportunity stressed the importance of a decentralized social media presence developed on the blockchain, claiming: "If they develop Facebook on the blockchain, it will not be disrupted." -Allen Farrington, author of Bitcoin and cryptocurrencies.



if they built facebook on a blockchain it would never go down. just an idea, idk.


- allen farrington (@allenf32) October 4, 2021


#internetshutdown guys even if social media goes down, we still have your crypto and NfTs


- Crypto King (@cryptok63838341) October 4, 2021


 


Like Twitter, its founder Jack Dorsey is working on a decentralized social media initiative. Most recently, Twitter has integrated with Bitcoin (BTC) through the introduction of Lightning wallet -supported tips.


At the time of writing, BTC is trading at $ 49,174, with a 3.46% jump in 24 hours. While ETH rose more than 1.5% with a current trading value of $ 3,385.