Major media and social media platforms like Facebook, Instagram and WhatsApp were inaccessible last night due to a sharp rise in the price of Bitcoin and other cryptocurrencies.
Bitcoin price soared around 4.5% in less than two hours to an intraday high of $ 49,730. Similarly, the price of Ether rose 3.5% over the same period to a high of $ 3,434.
The sudden price move occurred when all three platforms were down simultaneously at 10:16 p.m. Synthetic Teamese time on October 4th. At the time of writing, all three were normally accessible.
In 2019, March 13th, all three had a similar problem, but it lasted more than 24 hours. At the time, Facebook claimed the problem was caused by “changing the server configuration.”
The disruption can affect community engagement around crypto and blockchain projects, but Discord, Twitter, YouTube, and many other platforms remain open. Many Twitter users are demanding a decentralized social network based on blockchain.
“If they built Facebook on a blockchain, there would never be an outage,” said Allen Farrington, who regularly writes about Bitcoin and crypto on the Medium blog.
According to Bloomberg, CEO Mark Zuckerberg’s personal fortune has “evaporated” by more than $ 6 billion after the incident.
“A sell-off caused Facebook shares to drop 4.9% on the evening of October 4th.”
Bitcoin is heading for $ 200,000 this cycle
Bitcoin is headed for a mathematically “programmed” ATH of $ 200,000 or more, claims a TechDev commentator.
In a series of tweets on October 4, he highlighted the familiar bullish behavior in Bitcoin’s Relative Strength Index (RSI).
The RSI is a classic indicator used to identify overbought and oversold markets at a given price. This indicator now shows that the second phase of this year’s bull cycle has only just begun.
Just as Bitcoin price development has followed a four-year cycle, the RSI also shows behavioral patterns over the years.
“Every cycle has two peaks. The second phase will begin in 2021. “
Every four-year cycle, the RSI is at a slightly lower level than the previous one – which also helps to predict the cycle high a bit.
“Interesting to note the 8 year old downhill resistance. The indicator got there and could be the top. Or at least a place to seriously re-evaluate risks. “
The source: TechDev / Twitter
Other metrics suggest that Bitcoin’s high could be $ 200,000 or more during this period.
“200-300,000 for Bitcoin is almost programmed,” TechDev added along with another chart showing the Fibonacci levels.
Source: TechDev / Twitter
Likewise, these cycles are dependent on the halving, with each subsequent peak being higher than the previous one. This means that the 2017 high of $ 20,000 will correspond to $ 200,000 to $ 300,000 this year.
This is perfectly in line with the stock-to-flow cross-asset model, which assigns an average price of $ 288,000 during the current halving cycle ending in 2024.
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