Bitcoin fell below $6,000 Thursday evening, setting itself up to end the week at the same price level where it began the week. Last Sunday, BTC’s price dipped to $5,838.
The crypto again fell below $6,000 to $5824.18 around 7:30 p.m, Thursday. At the time of writing Friday morning, Bitcoin’s price was at $5,891.
As Bitcoin’s price fell, an at-first-glance crazy rumor, ramped up, especially on social media. The rumor is that Facebook (NASDAQ:FB) has plans to buy Coinbase.
Neither Coinbase, nor Facebook have confirmed, nor denied the rumor. Their silence seems to have emboldened theorists.
Let’s discuss
The highest Bitcoin has traded this week is $6,293, and that was on Monday. Then things took a turn for the worse, and the crypto hasn’t managed to recover yet.
We reported that recent positive Bitcoin news has failed to lure Bitcoin investors to buy. For example, news broke Monday that Tether had issued 250 million tokens.
Then, on Wednesday, Facebook announced it was reversing its position, somewhat, on accepting crypto ads. We reported that the social media giant had decided to allow crypto-related ads on its platform once again, but with a few terms and conditions. For example, ICO ads are still not allowed.
Speaking of Facebook
News began trending on social media this week that Facebook’s reversal on its crypto ad policy was part of its grand plans to enter the crypto space. What better way to make entry than to buy a key player in it.
On that same note, what are the synergies between the two outfits? Social media and cryptos? Could the thought of that be enough to spook investors to exit the space?
Let’s take a look at some of the comments from the supporters and opponents of a Facebook buyout of Coinbase.
Peter McCormack tweeted:
https://twitter.com/WhatBitcoinDid/status/1012051896788553730
Paul Kohlhaas read deeply between the tea leaves. He tweeted:
https://twitter.com/paulkhls/status/1012007435144454146
Lil Uzi Vertcoin tweeted:
https://twitter.com/LilUziVertcoin/status/1012423953229467649
Fundstrat’s Robert Sluymer said the following about what could prompt a Bitcoin rally.
“What we have now is a series of higher lows being broken. And by definition, you are now starting to see lower highs, and you have a downtrend in place. And Bitcoin is now below that trend line. If Bitcoin breaks below $6,058; that is absolutely critical support.”
This article appeared first on Cryptovest
