Crypto traders and investors started the week with a strong shock to the markets. As assets in the blockchain industry plunged into a collective dive on Monday, users took to Twitter to express their dismay (or, in some cases, glee) over the current state of the cryptocurrency.

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Inflation, potential interest rate hikes, a looming recession, and yet another DeFi fiasco all contributed to the current onslaught seen in the markets on Monday. As a result, the price of bitcoin (BTC) has fallen to levels not seen since late 2020, several crypto exchanges have restricted users from withdrawing their tokens, a growing number of Web3-focused companies have announced layoffs, and floor prices for various non-fungible token (NFT) projects collapsed.

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Looking at a few tweets from experienced crypto enthusiasts, one can understand the general mood. Storing bitcoins and altcoins is a real topic for crypto investors, however some seem to be experiencing easing in their alleged diamond hands. As one user noted:

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The cryptocurrency space is not alone in its plight: the entire stock market is simultaneously experiencing severe losses. The tightening of monetary policy by the Federal Reserve has caused investors to sell off many types of stocks as the S&P 500 fell 4% and hit a new low in 2022.

Whales and ex-whales have begun to assert themselves as the realization that they have lost a huge chunk of their wealth is becoming more and more evident.

Elsewhere on Twitter, some are trying to determine their next best move to buy, sell, hold, and trade on the larger cryptocurrency markets.

While technical analysis and forecasts have always been key for some traders, the current market dynamics have made traditional charting methods almost obsolete. Here is a chart that one such crypto enthusiast suggested to explain the loss of confidence in technical indicators: