Did cryptocurrency gain from Facebook’s historic loss?

July 30, 2018

 

Did Facebook's massive share plunge on Thursday benefit the cryptocurrency world? Well, some crypto advocates want it to be that way. The social media giant lost over $120 million in market capitalization in what can be termed as the biggest loss in a day for a US trading firm. Month-long scandals and criticism over data privacy coupled by its sales and user growth figures that fell short of analysts' predictions have resulted in the social media giant’s largest setback in shares, Bloomberg wrote.On the other side, crypto enthusiasts also didn’t spare the opportunity to tear Facebook apart as they have been at the receiving end of all criticism when it comes to the volatility factor of the markets.Cryptoheads saw it as an opportunity to outburst their long-suppressed anger and disappointment, crypto heads compared Facebook’s declining trend with the bearish mood often seen in the crypto market. One observer termed the reversal of Facebook’s stock as ‘sweet revenge’.

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