Facebook Crashes as Bitcoin Breaches $69K

NAIROBI (CoinChapter.com) — Facebook Crash as Bitcoin briefly touched a new peak above $69,000 it’s new all time high on Tuesday. The widespread outage affected Facebook, Instagram, Messenger, and Threads, all owned by Meta.

In a seemingly unrelated event, Bitcoin’s value experienced a temporary jump to a new record high, surpassing the $69,000 mark. This surge was followed by a rapid decline, leaving the cryptocurrency trading at $66,942.51. Despite the pullback, bulls seem poised to continue pushing the digital asset’s price upward.

Sites Down, Bitcoin Up

According to DownDetector, a website that tracks online outages, reports of the Facebook-related service failures began to spike around 9 a.m. Users across the globe reported being unable to access the platforms or experiencing significant delays and errors. Meta has yet to issue an official statement on the cause of the outage or an estimated timeline for restoration.

Facebook Crashes. Source: X

In stark contrast, Bitcoin was surging to dizzying new heights, blowing past its prior all-time high of $68,990 set in November 2021. This volatility has not dampened the spirits of Bitcoin enthusiasts, who see the price adjustment as a natural part of the cryptocurrency’s journey. In contrast, the outage of Meta’s platforms has become the butt of jokes among Twitter users, highlighting the contrasting fortunes of digital currencies and social media giants on this tumultuous day.

Reasons and Repercussions

While the root cause of Facebook’s outage remains unclear, instances of this magnitude often stem from network infrastructure issues. Historically, extended downtime can significantly impact businesses and individual creators who rely on the platform.

The Facebook outage and Bitcoin’s rollercoaster price movements serve as a timely reminder of the unpredictable forces at work in the digital landscape. As technology platforms and investment vehicles continue to evolve, staying informed about potential disruptions and market shifts becomes increasingly crucial.