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.