Crypto users lament continued market downturn on Twitter

Cryptocurrency traders and investors started the week with a major jolt from the market. Users took to Twitter to voice their dismay (or, in some cases, cheer) at the current state of cryptocurrencies as assets in the blockchain industry plummeted en masse on Monday.

Inflation, a potential rate hike, a looming recession, and yet another DeFi fiasco were some of the reasons markets were rocked on Monday. As a result, the price of Bitcoin plummeted to its lowest level since the end of 2020, some cryptocurrency exchanges restricted users from withdrawing their tokens, more and more Web3-centric companies announced layoffs, and various non-fungible tokens (NFTs) ) The floor price of the project plummeted.

Just looking at a few tweets from seasoned cryptocurrency enthusiasts gives an indication of the overall sentiment. Holding bitcoin and altcoins is a real theme for cryptocurrency investors, however, some seem to be experiencing what they call diamond hands ("diamond hands" is one of the most popular slang terms in the world of cryptocurrencies and NFTs, A person with a diamond hand is one who buys or holds a position when market sentiment is depressed.) weakening. As one user pointed out:

Lots of people will quit #crypto today

— That Martini Guy ₿ (@MartiniGuyYT) June 13, 2022

This predicament is not unique to the crypto space, the stock market as a whole is also experiencing significant losses. The tightening of monetary policy by the Federal Reserve led investors to sell a variety of stocks, with the S & P 500 index falling 4% to hit a new 2022 low.

All stocks in the S&P 500 are down now

— Katie Greifeld (@kgreifeld) (@kgreifeld) June 13, 2022

Whales and ex-whales are starting to make their voices heard as it becomes increasingly apparent that they have lost a fortune.

Elsewhere on Twitter, some people are trying to figure out their next best move in buying, selling, holding and trading in the larger cryptocurrency market.

Be aware that this cryptocurrency sell-off has less to do with the Celsius and stETH events than with general panic in risky assets (stocks, cryptocurrencies, etc.).

— Alex Krüger (@krugermacro) June 13, 2022

While technical analysis and forecasting will always be key for some traders, current market dynamics have rendered traditional charting techniques all but obsolete. Below is a chart used by one cryptocurrency enthusiast to explain the loss of confidence in technical indicators:

$BTC

Really looking forward to how it develops in the coming months.

This chart says it all. pic.twitter.com/NKPZgXpws9

— The Wolf Of All Streets (@scottmelker) June 13, 2022