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Facebook’s relationship with blockchain grows, company begins scaling up

Akash Anand



Facebook's relationship with blockchain grows, company begins scaling up
Source: Unsplash

Blockchain technology is getting another boost from a mainstream giant, with Facebook joining the blockchain bandwagon. The Silicon Valley-based social media behemoth is reportedly in the process of hiring a “head of business development and partnerships” for its core blockchain projects in California.

Facebook has released a report touching on the requirements for the post. The report stated:

“Qualifications include at least 15 years of deal-making experience for someone who can lead, grow and mentor a global team of experienced business development professionals.”

Reports from within the Mark Zuckerberg led company has also revealed that there are other blockchain related job openings up for grabs in the company, with positions like public policy managers, marketing roles and a software engineering manager role in Israel.

Speculations about Facebook entering the blockchain realm has been going on since January of this year, with Zuckerberg pointing out the positives of the decentralized system and how Facebook could utilize those positives.

These speculations were put to rest when David Marcus, the then Head of Messenger at Facebook, announced that he would be setting up his own team to learn about the blockchain space and integrate it within Facebook.

He had stated:

“Time for a new challenge! After four amazing years leading Messenger, I’m going to set up a small group to explore how to best leverage Blockchain for Facebook. I will miss my fierce Messenger team, but I’m excited about the journey ahead.”

Marcus had also said earlier that the growth of blockchain technology in a brand new sphere was expensive and time-consuming.

Facebook started looking more and more crypto friendly a few months back after Coinbase advertisements were whitelisted on the platform.

Brian Armstrong, the CEO of Coinbase had tweeted:

“Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”

The current news of Facebook scaling up their blockchain teams has met with mixed reactions on social media. The emotions were split within the tech space with a few supporting the move while others were worried.

Rayga, a Reddit user stated:

“ This might actually be good. Implementing something like Blockchain in the social media space may help in avoiding a Analaytica-esque scandal.”

Lance, a Twitter user on the other hand sated:

“Could this also be bad news? Can’t imagine they would launch an ICO considering they already have billions in the bank. Then this might also be a catalyst for other giants to do one making many coins redundant?”

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market




Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.

In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.

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