The markets have started the week with a big shock. On Monday, all cryptocurrencies fell sharply and users on Twitter are dismayed (or in some cases delighted) about the current state of the market.
Inflation, planned interest rate hikes, a looming recession and another DeFi fiasco contributed to the current slump in the markets on Monday. As a result, the price of Bitcoin (BTC) has collapsed to levels that have not been recorded since the end of 2020. Several crypto exchanges have also suspended withdrawals as a result, several Web3 companies announced layoffs, and minimum prices at various NFT collections have fallen deeply.
Experienced crypto enthusiasts have captured the general mood on Twitter. Among crypto investors, holding Bitcoin and altcoins is the most important thing. Now, however, even so-called diamond hands are gradually trembling. One user commented on this:
A lot of people will quit #crypto today
– That Martini Guy â’¿ (@MartiniGuyYT) June 13, 2022
But it was not only in the crypto industry that there was a slump. The entire stock market has also recorded large losses in the same period. The increasing tightening of monetary policy by the US Central Bank has prompted investors to sell some stocks. The S&P 500 fell 4 percent, hitting a new low in 2022.
every stock in the S&P 500 is red right now pic.twitter.com/vhrfVc1NIz
– Katie Greifeld (@kgreifeld) June 13, 2022
Cetaceans and former cetaceans also come forward and say that they have lost a large part of their wealth.
I’m only half the whale I used to be…
– The Moon (@TheMoonCarl) June 13, 2022
On Twitter, some people are thinking about what could be the next best step in terms of buying, selling, hodling and trading.
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 Kruger (@krugermacro) June 13, 2022
Technical analysis and forecasts are the most important guidelines for some traders. However, due to the current market dynamics, traditional charting techniques are practically useless. The following chart by a well-known crypto analyst explains how much confidence in technical indicators is waning:
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
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