Social media was abuzz with memes as the cryptocurrency market recorded a dramatic fall on Friday. Bitcoin, the largest cryptocurrency as per the market cap, fell over 15 percent to trade below $36,000, its lowest since July 2021. After almost touching the $52,000 mark on December 27, 2021, the crypto had been trading around the levels of $38,000-50,000. Bitcoin was last trading at the level around $35,350. Since touching its highest level of $70,000 in November 2021, Bitcoin has crashed nearly 50 percent.
The fall was similar for another major crypto coin, Ethereum, that plunged over 20 percent to trade below $2,500.
The trade did not show any sign of improvement on Saturday as well. Another popular crypto, Dogecoin dropped to its lowest point in the last nine months and was trading around the level of $0.13 on Saturday.
The latest crypto fall comes a day after reports of Russian government's plans to ban use and mining of cryptocurrencies and the rejection Bitcoin ETF from Skybridge by the Securities and Exchange Commission, USA, reported the Street.
Investors and netizens took to Twitter to talk about #bitcoincrash and #cryptocrash. While some users suggested to cautious about the dip and advised to hold, there were others who thought that cryptocurrencies were dying.
crypto is dying, retweet to make it die faster #cryptocrash pic.twitter.com/kr1ANHEWi4
— Cutbug🌹@ Shin Megami Tensei V (@KungFuCutbug) January 21, 2022
Don‘t fall for the dip…just hodl #BitcoinCrash #cryptocrash #crypto #ethereum pic.twitter.com/zVWLJUBElT
— Gordon Lacombe (@GordonLacombeCo) January 22, 2022
A user said that though the market is falling, it will soon bounce back. He advised investors to hold and not panic sell in heavy losses.
Don’t panic sell you will regret selling in a few days#cryptocrash#BitcoinCrash #BTC pic.twitter.com/W8xULLYIzk
— Karmendra Choudhary (@karmendra01) January 21, 2022
"I just bought the dip but it keeps dipping,” read another Tweet on the topic.
Check other reactions here:
Didn't see it coming 🤣🤣 #BitcoinCrash #bitcoin #cryptocurrencies pic.twitter.com/RHTEaKmWmP
— Seyi #Polymath 💙 (@heswaikcrypt) January 21, 2022
#BitcoinCrash #cryptocrash #BTCs
Crypto Investors right now. pic.twitter.com/VPWkleKSfi— Ahmad Sadat Nawfal (@sadat_nawfal) January 22, 2022
Newbies in the crypto world 🤣#cryptocrash #BitcoinCrash pic.twitter.com/Dmf0YCWodh
— Arpit Apoorva (@arpit_apoorva) January 21, 2022
When the crypto market is dumping, but you refuse to sell anything. #Bitcoin #BitcoinCrash pic.twitter.com/ilFrQnAEEL
— Alt Crypto Mars 🔶 (@altcryptomars) January 21, 2022
The reports of Indian government’s law to regulate crypto had also created similar panic in the market in December 2021.
