What the Whatsapp, Instagram and Facebook crash mean for crypto and Fintech

The world was in awe when the world’s mostly used social media platforms – Facebook, Instagram and Whatsapp all went down for a whopping 6 hours from around 18:00hrs to 12:00hrs (EAT).

The frustration as expressed on the only alive social media platform – Twitter was evident and a clear proof of how much the world relies on these giants for communication and E- commerce.

With Facebook and Instagram famous for their E- Commerce features Instagram Checkout and Facebook marketplace, a lot of online business owners and shoppers were very infuriated by this crash and most without much authority over these platforms could only launch complaints in all ways with some even threatening with compensation law suits against the media giants.

This caliber of disruption raised a positive discussion especially in the crypto world where decentralization is the backbone of innovation and creation of most Digital assets like Bitcoin and Cardano ADA.

Most Bitcoin enthusiasts were seen emphasizing how Bitcoin is never down. The highly decentralized and non-government controlled digital asset also used the same chance to bypass Facebook to return to a total market cap of $930 billion.

The attention brought by this significant crash was a continuation of the news that had also created a steady uptrend in the crypto market where the Federal Reserve Chairman of the United States Jerome Powell confirmed on Thursday last week that the U.S has no intention to ban Bitcoin and cryptocurrecies. This boosted a lot of confidence in the markets which saw Bitcoin break the $48,400 resistance which had come as a result of China announcing a total ban on crypto. Significant monetary volumes continue to flood the digital assets as mass adoption trend breaks all-time highs.

At the time of this article, Bitcoin closed with a 24hour high of $49, 810 and with high chances of breaking out, the markets are green with most altcoins up 1%+ and SHIB up 52%. The general positivity in the market also draws from the start of Quarter 4 which according to previous analysis has been majorly bullish as shown in the chart below.

Brindon Bamwiine

Contributor, The Postdale Daily

Latest from Business