Crypto users take to Twitter to apologize for the ongoing market downturn

by · July 5, 2022

Crypto traders and investors started the week with a big shock for the markets. When assets across the blockchain industry went into a collective dive on Monday, users took to Twitter to express their dismay (or in some cases cheers) with the current state of crypto.

Inflation, potential interest rate hikes, a looming recession and another DeFi failure have all contributed to the current onslaught seen in markets on Monday. As a result, Bitcoins (BTC) prices plummeted to levels not seen since the end of 2020, several crypto exchanges restricted users from withdrawing their tokens, a growing number of Web3-centric companies announced layoffs, and floor prices of various non-fungible tokens (NFT) projects crashed.

Taking a look at a few tweets from experienced crypto enthusiasts shows the overall feel. Holding Bitcoin and everything is the theme of true crypto investors, but some seem to be experiencing a weakening of their supposed diamond hands. As one user noted:

The crypto area is not alone in its situation, with the entire stock market experiencing a large loss at the same time. Increased monetary tightening by the Federal Reserve has led investors to sell many types of shares as the S&P 500 fell 4% to reach a new low for 2022.

Whales and former whales have begun to make their voices heard as the realization that they have lost a huge part of their wealth is becoming increasingly clear.

Elsewhere on Twitter, someone is trying to figure out their second best move for buying, selling, holding and trading in the major crypto markets.

While technical analysis and forecasts are forever the keys for some traders, today’s market dynamics have made traditional charting techniques practically obsolete. Here is a chart that such a crypto enthusiast has offered to explain the loss of confidence in technical indicators: