Twitter Reacts to 'Black Tuesday'
Cryptocurrency markets took a hammering on Tuesday, amid calls of #hodl on social media.
The cryptocurrency market took an absolute hammering on Tuesday, Jan. 16 in what is being described as ‘Black Tuesday.’
Bitcoin and various altcoins suffered over 40 percent losses in market capitalization on Tuesday amid regulatory uncertainty in South Korea and China.
As per usual, crypto enthusiasts from all walks of life took to social media to share their thoughts, hopes and fears amid another shaky day in the world of cryptocurrencies.
Calls of #HODL ring clear
Canadian twitter user Armin van Bitcoin posted an interesting and widely shared graph comparing similar corrections in the price of Bitcoin in January for the past four years.
Another user also noted the trend, followed by a suggestion that a recovery would follow.
At the same date every year the bitcoin crashes: 2015 - Low was Jan 15— Ahmed Saeed (@MidaAcura) January 16, 2018
2016 - Low was Jan 16
2017 - Low was Jan 12
2018 - Low ....#btc #hodl #back #recover #market #CryptoNews #cryptocrash
And it recovers stronger than ever
A thought provoking suggestion from Hodlwhale speculated that many traders and whales were merely taking profit for the first time this year:
In short time $100B in market cap has left the building.— HodlWhale (@HodlWhale) January 16, 2018
1) Traders paying taxes
2) Traders and Whales that waited to take profits until after the first of the year
3) Whales pushing the price down to let Wall Street money in (it's bonus season)
4) Weak Hands #HODL $BTC
Angel investor Jason Calacanis made a short list of characteristics to be wary of amid the massive correction:
A quick reminder when gambling on crypto:— jason (@Jason) January 16, 2018
2. Highly manipulated
3. there is no use care other than money transfer & speculation
4. Easily regulated by governments
5. Meme-driven investing is a brand new thing #HODL!
6. Save this tweet for bitcoin $1m day pic.twitter.com/5y8NH6UiSW
Another user summed up a few factors that had led to mass FUD in the market, which culminated in a sell-off:
JPMorgan false claims
Korean exchange raids
All happening a