Crypto enthusiasts are expecting and being hopeful that Facebook stock’s severe plunge would get the investors interested into the crypto market. Whereas some believe there is no sense in comparing the two.
Let the money flow into crypto, goes crypto fans as FB plunges
The entire crypto market is in the green right now. Bitcoin is trading above the $8,000 mark. The total market cap has reached $296 billion while managing the daily trading volume of about $37 billion.
A few days back Facebook took a severe plunge that got the crypto market talking. On Thursday, Facebook stocks registered the biggest plunge in the history of American stock market. In the biggest one-day percentage drop, about $120 billion of market value has been wiped out in a single day. The slowing user growth and low quarterly revenues led this 19% fall in FB shares.
Due to the social media giant’s size, the loss further spread to other stocks as well. The technology sector took a drop of 1.6 percent. Also, this has S&P 500, Nasdaq Composite Index, and the Dow Jones Industrial Average registering a dip.
Facebook lost about the entire market cap of Bitcoin in a day which enticed the crypto community into rubbing this fact into mainstream markets’ face. People went all in on twitter and reddit and being hopeful that the sell-off of tech stocks would lead the investors to cryptocurrencies.
Also, read: Coinbase Ads are Back on Google, Facebook and Instagram
Crypto enthusiasts hopeful for incoming investment
“I thought you said the crypto market was the volatile one.”
“Thats why its laughable when people claim BTC is a bubble!”
“Wait! when #Bitcoin loses 20% it’s a crypto crash and the end of the bubble. So what about Facebook and Twitter? There is definitely too much volatility in stock market!”
“Facebook -20% Twitter -20% This is just the beginning of the biggest stock market crash of all time. The stock market is the real bubble…”
“Money will start flowing into #crypto or they will get left behind.”
“With the Cryptographic assets having already experience this correction, smart investors selling companies like Google, Amazon, and Apple in the coming weeks can be turning to Bitcoin as a better alternative.”
“We saw Netflix drop, and then Facebook plunge. What’s next? Twitter dropped over -20% yesterday. I agree, part of this money will start flowing into bitcoin.”
However, people are also pointing out that there is no sense in combining the two. The possibility of people taking a look into the crypto market driven by Facebook’s plunge could be entertained. However, the crypto market is still seen as an extremely volatile market that doesn’t have any regulatory clarity or assistance attached to it that deter even the interested parties. But with this fall, curiosity towards the crypto market and a number of options available today, the crypto market just might see incoming of investment.
Do you think there is a possibility of mainstream investors taking a shift towards crypto market after FB’s debacle? Let us know your views!
The post Will Bitcoin see a Jump in Price as FB Loses $120 Bln Market Value in a Day? appeared first on Coingape.
Written by Anjali Tyagi @ https://coingape.com/bitcoin-price-jump-fb-loses-120-bln-market-value/ July 28, 2018 Anjali Tyagi