Pi Union
Published in

Pi Union

Bitcoin price skyrocketed and collapsed amid Facebook report

The cost of the first cryptocurrency first exceeded $56.4 thousand, after which it rolled back to $53.4 thousand in a few hours. This may be due to the fact that rumours about the purchase of bitcoins by the social network were not confirmed.

On the evening of April 28, the bitcoin rate per hour rose by 4.3%, to a local peak of $56.4 thousand, after which it began to fall sharply. On the morning of April 29, the cost of bitcoin dropped to $53.4 thousand. As of 09:30 Moscow time, the first cryptocurrency is trading at $54.2 thousand.

A sharp rise in prices and its subsequent collapse occurred against the backdrop of the publication of financial statements of Facebook. Earlier, rumours began to circulate on the network that the social network had acquired bitcoins.

However, Facebook’s quarterly report does not mention Bitcoin or other cryptocurrencies, or the company’s plans to buy them.

Earlier, Tesla disclosed in financial statements that it sold 10% of bitcoins for $272 million, fixing a profit of $101 million. The automaker’s CFO Zach Kirkhorn emphasised that Tesla intends to preserve its current assets in cryptocurrency, as well as continue to accumulate coins received as payment for cars.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store