Both Instagram and Facebook have been hit by occurrences of severe outages. The users of both these popular platforms were recently unable to load the websites and many more found no way to access their own accounts.
This outage of a global level affects the users at UK, US, mainland Europe, along with some parts of South America and Australia. This news surfaced just a day post the worldwide crash of Facebook Messenger.
In the last 24 hours, about 3671 reports have been filed in association with the random outages. According to the users, the website has been constantly showing the message “Service Unavailable”, while others were unable to view the pictures and log in.
The Instagram users actually found issues with the web based service while the app functioned perfectly normal. About half the people reported a complete blackout with Facebook while the rest 50 percent stated issues regarding picture loading and logging in.
Following this, the users took their issues and tweeted about the same over the rival site Twitter. The U.S. based Facebook users with the most issues were reported in cities such as Minneapolis, Washington, New York, and Houston. While Instagram users based in New York, Montreal, Boston, and Toronto experienced the most issues.
Global Crypto Market Cap Threatens to Break Below Current 2022 Lows
The global cryptocurrency market capitalization topped during the first half of November 2021, and since then it has been on a one-way ride towards the downside. With the entire market currently trading at approximately 35% below all-time highs, many traders are now wondering whether the sellers are already exhausted, meaning that an upward shift is due in the near future, or whether the bear market still has room to go.
In such a challenging environment, trading or investing in crypto is tricky, making it difficult for traders/investors to time the market correctly, and spot key support/resistance areas on the chart. All of the variables that drove valuations higher between 2020-2021 (fiscal/monetary stimulus, weaker fiat currencies, and appetite for riskier assets) have reversed, leaving bulls stumbling for the exit.
Bitcoin weakens below $40k
Speaking of Bitcoin, the $38,000 area is regarded as key support, which might be one of the reasons why the price is still trading around it. The late-March 2022 rally failed to gather pace and now BTC finds itself trading close to the yearly lows.
Things are not looking encouraging, not just because Bitcoin lost 40% from its peak, but also based on the market share. During broad crypto selling, the BTC market dominance increased in past cycles. It doesn’t seem to be the case now, as the figure has stabilized around 42% since mid-2021. Investors want to keep a diversified exposure even during a downturn, and this is a clear signal that Bitcoin’s safe-haven status is weakening.
Major altcoins not showing signs of strength
Anyone who is just beginning to learn how to trade cryptocurrencies should know that this is an environment where caution is advised. Bitcoin aside, things are not looking very good for the altcoins sector as well. Based on the opening price at the beginning of 2022, Ethereum is down 24%, Binance Coin -26% and other tokens such as Solana are posting losses above 50%.
There this might not be the time for buy and hold, considering that valuations might be even more attractive in the future. It is possible, however, to take advantage of what retail brokerages are offering in terms of crypto trading benefits. With derivatives based on cryptocurrencies, short-selling is a viable option, making it possible to take advantage of bearish conditions.
Inflation and broad risk appetite
Rising inflation around the world set a chain of events in motion, and these events are clearly not in favor of crypto bulls. Central banks are forced to step in and normalize monetary policies in developed countries, for price increases to diminish towards their target of around 2%.
Additionally, fiscal spending is taking a few steps back, as governments need to pay higher interest on new debt or refinancing operations. During a time of rising prices, private and institutional investors need to make concessions and prioritize spending.
In such an environment, the interest in volatile assets such as crypto is very low, which explains the lack of momentum. For the time being, global capitalization is trading around $1.72 trillion and threatens to break below the 2022 low of $1.64 trillion. Until the global economy receives a new round of stimulus, there appears to be little hope for a strong bounce back to a bull run.
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