As Cryptos Crash, Twitter is Drowning in Memes

Bitcoin gold crash.
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Bitcoin and several other cryptocurrencies have been on a wild ride in the past few weeks. Just earlier this week, Bitcoin dropped to $29,000 — before bouncing back — following China’s newly announced crackdown on the crypto which triggered the shuttering of several mining sites.

See: Crypto Crash: Is It Worth Investing Now or Should You Hold Off?
Find: Cryptocurrency: Breaking Down the Basics

To put this in perspective, Bitcoin, which today stands at $33,000, is down almost 50% from its high of $65,000 in April.

And the crypto market cap, which today stands at $1.32 trillion, according to CoinMarketCap, fell by nearly $230 billion between June 20 and June 22, according to Cointelegraph. It has managed to regain $76 billion in value on June 23.

These wild swings have put investors on edge, and many are taking to Twitter to talk about the #cryptocrash, whether they are buying the dip, hodlers, are just simply frustrated.

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Users are feeling the stress as they are “watching crypto charts live”:

Other users say the “struggle is real”:

Some, like this user, is all for Hodlers:

Others, like Clueless Holdler, are blaming the crash on China:

Then there’s Pragya Sharda, whose Twitter profile reads “I invest in crypto and when it dips, I laugh and make memes about it. That’s how it should be like, right?” who tweeted “been a month already” about the bear market:

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And finally, some “veteran Hodlers,” such as The Cryptic Poet, are enjoying the ride:

See: Bitcoin Crashes Constantly, But These Investors Won’t Sell – Why ‘HODLers’ Buy the Dip and Hang On Tight
Find: If You Invested $1,000 in These Cryptocurrencies a Year Ago, Here’s How Much You’d Have Now

Whether you’re a crypto novice or a veteran investor, a HODLER or a panic seller, what matters when it comes to cryptos is remembering that volatility is part of the game: one Musk tweet or one China crackdown can make all the difference in a second.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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