Bitcoin Surpasses $50k, While Facebook, Instagram, & WhatsApp All See Declines.

Bitcoin Surpasses $50k, While Facebook, Instagram, & WhatsApp All See Declines.

2021-10-05 | Robin Williams

Bitcoin Surpasses $50k, While Facebook, Instagram, & WhatsApp All See Declines.

As the price of Bitcoin and other cryptocurrencies rose, major social media and communication services such as Facebook, Instagram, and WhatsApp went offline Monday. After plunging to a daily low of $47,166, the price of Bitcoin (BTC) climbed beyond $50,000 in less than two hours, a rise of about 4.5 percent. Similarly, the price of Ethereum (ETH) increased 3.5 percent within the same time period, reaching $3,451 at the time of writing. Bitcoin & Ethereum Preparing For Huge Bull Run - Market Price Rapidly Increasing.

Bitcoin Price Chart - Source: CoinMarketCap

At around 3:16 p.m., major social media network Facebook, photo and video sharing app Instagram, and chat service WhatsApp - all controlled by Facebook - all fell down. On the 4th of October, at 12:00 a.m. UTC, The firm was "trying to bring everything back to normal as fast as possible," according to Facebook's communications team, which communicated through Twitter. On March 13, 2019, at around the same time, all three platforms had a severe outage that lasted more than 24 hours. Facebook blamed the issues on a "server configuration change" at the time. Although the outages may have an impact on the community surrounding crypto and blockchain projects, Discord, Twitter, YouTube, and many more sites are still operational. Many Crypto Twitter users have already capitalized on the situation to emphasize the necessity for a decentralized social network based on blockchain technology. The outage comes after former Facebook employee Frances Haugen handed over hundreds of papers to journalists and others, implying that the business was not doing what it promised in terms of deleting hate speech and postings promoting violence from the site, among other things. On Monday, Facebook's shares dropped more than 5% to $324.90 at the time of writing. Twitter is already working on a decentralized social media project of its own. CEO Jack Dorsey originally indicated in December 2019 that the platform will create a dedicated team to build a decentralized social media standard, and the group was recently led by a crypto developer. Dorsey claimed at the time that the goal was to move away from content hosting and removal and toward recommendation algorithms that directed users' attention, avoiding information that sparked controversy and anger instead of constructive and useful dialogues.

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