Home News Bitcoin moves past $49K as Facebook, Instagram, and WhatsApp go down

Bitcoin moves past $49K as Facebook, Instagram, and WhatsApp go down

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Bitcoin moves past $49K as Facebook, Instagram, and WhatsApp go down. Due to the rise of Bitcoin and other cryptocurrency prices, major social media platforms such as WhatsApp, Facebook, and Instagram went offline today.

After falling to a daily low of $47,166, Bitcoin (BTC) price rose to $49,000 in less than two hours, marking an increase of 4.5%. Ether (ETH) climbed by 3.5% to $3,411 in the same timeframe.

The price fluctuation comes after Facebook, Instagram, and WhatsApp, all of which are owned by Facebook, went down at 11:16 a.m. EST on October 4. The firm was “trying to bring everything back to normal as fast as possible”, according to Facebook’s communications team’s remarks on Twitter.

On March 13, 2019, all three platforms had a severe outage that lasted over 24 hours. The issues were ascribed to a “server configuration change” at the time, according to Facebook.

Decentralised social network based on blockchain technology is a must

The outages may have an impact on community participation around crypto and blockchain projects. Nonetheless, Discord, Twitter, YouTube, and a number of other sites are still operational. Many Crypto Twitter users have already capitalised on the situation. In order to emphasise the necessity for a decentralised social network based on blockchain technology.

Former Facebook employee Frances Haugen recently handed up hundreds of papers to journalists and others. Implying that the business was not doing what it promised in terms of deleting hate speech and messages promoting violence, among other things. At the time of publishing, Facebook’s shares had dropped more than 5% to $324.90.

Twitter is already on the way

Twitter is already developing its own decentralised social media platform. CEO Jack Dorsey initially said in Dec 2019 that the platform will fund a dedicated team. In order to build a decentralised social media standard. And the company has just hired a crypto developer to oversee it. Dorsey stated that the goal was to move away from content hosting and removal. And instead, focus on recommendation algorithms that divert users’ attention away from information that causes controversy and outrage rather than constructive and instructive discussions.

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