Bitcoin surpasses $ 49,000 as Facebook, Instagram, WhatsApp crash

Major social media and communications platforms Facebook, Instagram and WhatsApp went offline on Monday as the price of Bitcoin and other...

Major social media and communications platforms Facebook, Instagram and WhatsApp went offline on Monday as the price of Bitcoin and other cryptocurrencies rose.

As data from Cointelegraph Markets Pro shows, Bitcoin (BTC) The price rose above $ 49,000 after falling to a daily low of $ 47,166, an increase of about 4.5% in less than two hours. Likewise, the price of Ether (ETH) increased 3.5% over the same period to $ 3,411 at time of publication.

The sudden price volatility comes as the leading social media platform Facebook, the Instagram photo and video sharing app and the WhatsApp messaging app – both owned by Facebook – have left down around 11:16 a.m. EST on October 4. According to Facebook’s communications team, which communicated via Twitter, the company was “working to get things back to normal as quickly as possible.”

At around the same time, on March 13, 2019, all three platforms reported a major outage that lasted more than 24 hours. At the time, Facebook attributed problems with a “server configuration change”.

Interruptions can impact community engagement around crypto and blockchain projects, but Discord, Twitter, YouTube, and many other platforms are still functioning normally. Many Crypto Twitter users are already using the incident to highlight the need for a decentralized social network built on the blockchain.

“If they built Facebook on a blockchain, it would never go down”, noted Allen Farrington, who writes regularly about Bitcoin and cryptocurrencies on his Medium blog.

The outage also follows former Facebook employee Frances Haugen, who handed reporters and others thousands of documents that imply the company was not doing what it claimed regarding the removal. hate speech and messages encouraging platform violence, among others. Facebook stock fell more than 5% on Monday to $ 324.90 at the time of publication.

Related: How the Bitcoin Model Can Solve the Social Media Dilemma

Twitter is already working on its own decentralized social media initiative. CEO Jack Dorsey first announced in December 2019 that the platform would fund a team dedicated to develop a decentralized standard for social media, and recently hired a crypto developer to lead the group. At the time, Dorsey said the goal was to move from hosting and deleting content to recommendation algorithms directing user attention and avoiding content that provokes controversy and outrage. rather than healthy, informative conversations.

This story is in development and may be updated.