Cryptocurrency traders and investors started the week with a major shock to the markets. As blockchain industry assets plummeted on Monday, users took to Twitter to express their dismay (or, in some cases, jubilation) at the current state of cryptocurrencies.
Inflation, potential interest rate hikes, the looming recession, and another DeFi fiasco have all contributed to the ongoing attack on the markets on Monday. As a result, the price of Bitcoin (BTC) plunged to levels not seen since late 2020, several cryptocurrency exchanges limited users from withdrawing their tokens, a growing number of Web 3.0-focused companies announced layoffs, and the floor prices of various non-fungible token (NFT) projects plummeted.
A look at some tweets from seasoned cryptocurrency enthusiasts shows the general sentiment. Holding Bitcoin and altcoins is the real deal for crypto investors, however some seem to be experiencing a weakening of their supposed diamond hands. As one user noted:
A lot of people will quit #crypto today
— That Martini Guy ₿ (@MartiniGuyYT) June 13, 2022
Many people will leave the crypto space today.
The cryptocurrency space is not alone in its situation, as the entire stock market is experiencing a huge loss altogether. Increasing monetary tightening from the Federal Reserve has seen investors sell off many types of stocks, with the S&P 500 falling 4% to hit a new 2022 low.
every stock in the S&P 500 is red right now pic.twitter.com/vhrfVc1NIz
— Katie Greifeld (@kgreifeld) June 13, 2022
all S&P 500 stocks are in the red right now
Whales and ex-whales have begun to make their voices heard as the realization that they have lost a massive part of their wealth becomes increasingly apparent.
I’m only half the whale I used to be…
— The Moon (@TheMoonCarl) June 13, 2022
I’m only half the whale I used to be…
Elsewhere on Twitter, some are trying to figure out their next best move to buy, sell, hold, and trade the biggest cryptocurrency markets.
Realize how little this crypto dump has to do with Celsius and the stETH drama and all to do with the widespread panic in risk assets (equities and crypto alike) and broken charts.
— Alex Krüger (@krugermacro) June 13, 2022
Realize how little this crypto crash has to do with the stETH and Celsius drama and everything to do with the widespread panic in risk assets (equities and cryptocurrencies alike) and broken charts.
Although technical analysis and projections are always the keys for some traders, the current market dynamics have made traditional charting techniques virtually obsolete. Here is a chart that one of these crypto enthusiasts offered to explain the loss of confidence in technical indicators:
Really looking forward to the next few months.
This chart really says it all. pic.twitter.com/NKPZgXpws9
— The Wolf Of All Streets (@scottmelker) June 13, 2022
I am really looking forward to the next few months.
This graphic says it all.
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