What Volatility? How Facebook's Historic Loss Became Crypto's Gain

July 26 might be forever remembered as one of the darkest days in Facebook's history - or, at the very least, for its shareholders.

An otherwise unassuming Thursday, the day saw the social media giant lose more than $120 billion in market value, the biggest loss in one day for any U.S. traded company.

If you're wondering how Facebook's loss could possibly be associated with cryptocurrency, the answer is simple: it all started with a comparison between the values of bitcoin and Facebook.

Of course, crypto supporters would not let it go as cryptocurrencies have long been criticized for being volatile by traditional market views.

The seemingly tenuous nature of Facebook's stock price led some to draw comparisons with the volatility seen in cryptocurrency markets.

Interestingly, as many can still recall the feud between Facebook's CEO Mark Zuckerberg and the Winklevoss brothers from the award-winning movie The Social Network, members in the crypto community also gave a shout-out to Cameron and Tyler Winklevoss brothers, who are now among some of the biggest crypto investors as well as co-founders of Gemini, a New York-based cryptocurrency exchange,.

In the words of one observer, the reversal of Facebook's market fortunes represented a dose of "Sweet revenge."

Not everyone was buying the Facebook stock and cryptocurrency comparison, however.

Some Twitter users who said they believe that conflating Facebook and cryptocurrency is a meaningless exercise.

As of the time of writing on Friday, Facebook's stock hadn't seen much of a recovery, according to data from Google.