While pundits don’t quite agree on the circumstances behind the plunge (with some blaming reports of a widening manipulation crackdown, the hack of South Korean crypto exchange Coinrail or simply some pre-week selling), what’s clear is that the worth move has acted as a sort of social thunderbolt for the community, spurring commentary from all sides.
Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a symbol of the days , half the roughly 3,700 respondents blamed “aliens” with 9 percent and 12 percent blaming the Coinrail hack and therefore the CFTC subpoenas, respectively.
The efforts at levity amidst the market tumble were seen elsewhere. for instance , investor-focused social network StockTwits tried to encapsulate what some traders are likely feeling – in gif form, that is.
Because Bitcoin $BTC.X is under $7,000https://stocktwits.com/Trojanhorse11/message/126457160 …
6:27 PM - Jun 11, 2018
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And cryptocurrency reporter Joseph Young contrasted the viewpoints of an office worker on Monday looking forward to Friday to arrive with a crypto trader browsing the worth headwinds.
Monday at normal job: tired, can’t wait till Friday.
Monday in crypto: life savings down 20%.
— Joseph Young (@iamjosephyoung) June 10, 2018
Glass half full?
Not all those within the trader community are watching things as a completely negative one or a reason to stay bearish.
Indeed, some observers are still calling for the “moon” – albeit this weekend’s price moves may slow that process a touch .
Keep calm and relax… Are you bearish? i'm not!
The moon please :)#BTC #XRP pic.twitter.com/MWpPl5C11V
— Fabien Vernagallo (@fabvernagallo) June 10, 2018
And others, consistent with today’s social media churn, are already looking toward greener pastures:
I have this support holding for a touch for #BTC #Bitcoin – but any rally within the coming week or two should be seen as a shorting opportunity.