Bitcoin strikes previous $48Ok as Fb, Instagram, and WhatsApp go down

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The major social media and communication platforms Facebook, Instagram and WhatsApp went offline this morning as the price of Bitcoin and other cryptocurrencies rose.

As data from Cointelegraph Markets Pro shows, Bitcoin (BTC) price surged above $ 48,000 after falling to a daily low of $ 47,166, up about 3% in less than two hours. The price of Ether (ETH) also rose 2.7% over the same period, reaching $ 3,376 at the time of publication.

The sudden price volatility is due to the large social media platform Facebook, photo and video sharing app Instagram, and messenger app WhatsApp – both owned by Facebook – on October 4 at around 11:16 a.m. EST The company communicated via Twitter “to get things back to normal as quickly as possible”.

In March 2019, all three platforms reported a major outage at approximately the same time that lasted more than 24 hours. Back then, Facebook attributed the problems to a “change in the server configuration”.

The interruptions can affect 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 blockchain-based social network.

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

The outage also follows former Facebook employee Frances Haugen leaking thousands of documents to journalists and others, suggesting the company did not do what it claims, including regarding the removal of hate speech and posts promoting violence from the platform. 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 dedicated team 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 is to move away from hosting and removing content, towards recommending algorithms that draw users’ attention and avoiding content that creates controversy and outrage rather than having healthy and informative conversations.

This story evolves and can be updated.

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