The price of bitcoin hit a two-month low over the weekend â and social media is alight with speculation about it.
While pundits donât 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), whatâs clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.
Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip â in perhaps a sign of the times, half of the roughly 3,700 respondents blamed âaliensâ with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.
Why the dip?#bitcoin
â Alistair Milne (@alistairmilne) June 10, 2018
And as another observer pointed out, itâs not just bitcoin that felt the heat this weekend â many of the worldâs largest cryptocurrencies by market capitalization saw downward price moves.
Richard Heart asked his followers on Sunday:
How is everyoneâs Sunday going? pic.twitter.com/t3kSTJusmL
â Richard Heart (no giveaways) (@RichardHeartWin) June 10, 2018
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 â in gif form, that is.
Because Bitcoin $BTC.X is under $7,000https://t.co/qs8GmWtGMI pic.twitter.com/rso9bUebL4
â 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, canât wait till Friday.
Monday in crypto: life savings down 20%.
â Joseph Young (@iamjosephyoung) June 10, 2018
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 âmoonâ â even though this weekendâs 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/MWpPl5C11Vâ Fabien Vernagallo (@fabvernagallo) June 10, 2018
And others, according to todayâs social media churn, are already looking toward greener pastures:
I have this support holding for a bit for #BTC #Bitcoin â but any rally in the coming week or two should be seen as a shorting opportunity.
Iâll keep yâall updated
