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.
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.
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:
Many people will leave #crypto today
— That martini guy ₿ (@MartiniGuyYT) June 13, 2022
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.
all stocks in the S&P 500 are now red pic.twitter.com/vhrfVc1NIz
— Cathy Greifeld (@kgreifeld) June 13, 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.
I’m only half the whale I used to be…
— Moon (@TheMoonCarl) June 13, 2022
Elsewhere on Twitter, some are trying to determine their next best move to buy, sell, hold, and trade on the larger cryptocurrency markets.
Realize how little this cryptocurrency dump has to do with Celsius and the stETH drama, and it’s all due to the widespread panic around risky assets (both stocks and cryptocurrencies) and broken charts.
— Alex Kruger (@krugermacro) June 13, 2022
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:
Looking forward to the next few months.
This chart really speaks for itself. pic.twitter.com/NKPZgXpws9
— The Wolf of All Streets (@scottmelker) June 13, 2022
Credit : cointelegraph.com