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Bitcoin's Price Is Below $7K and (Some) Hodlers Aren't So Happy About It
The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.
By Muyao Shen
Updated Sep 13, 2021, 8:02 a.m. Published Jun 11, 2018, 7:45 p.m.
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The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.
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 just some pre-week selling), what's clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.
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Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a sign of the times, half of the roughly 3,700 respondents blamed "aliens" with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.
Why the dip?#bitcoin
— Alistair Milne (@alistairmilne) June 10, 2018
And as another observer pointed out, it's not just bitcoin that felt the heat this weekend – many of the world's largest cryptocurrencies by market capitalization saw downward price moves.
Richard Heart asked his followers on Sunday:
How is everyone's Sunday going? pic.twitter.com/t3kSTJusmL
— Richard Heart (no giveaways) (@RichardHeartWin) June 10, 2018
Light-hearted take
The efforts at levity amidst the market tumble were seen elsewhere. For example, 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://t.co/qs8GmWtGMI pic.twitter.com/rso9bUebL4
— StockTwits (@StockTwits) June 11, 2018
And cryptocurrency reporter Joseph Young contrasted the viewpoints of an office worker on Monday eager for Friday to arrive with a crypto trader going through the price 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 in the trader community are looking at the situation as an entirely negative one or a reason to remain bearish.
Indeed, some observers are still calling for the "moon" – even though this weekend's price moves may slow that process a bit.
Keep calm and relax... Are you bearish? I am not!
The moon please :)#BTC #XRP pic.twitter.com/MWpPl5C11V
— Fabien Vernagallo (@fabvernagallo) June 10, 2018
And others, according to today's social media churn, are already looking toward greener pastures:
I have this support holding for a bit for #BTC #Bitcoin - but any rally in the coming week or two should be seen as a shorting opportunity.
I'll keep y'all updated
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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