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Twitter was abuzz with memes and jokes after the cryptocurrency market saw a dramatic drop in regulations in cryptocurrency transactions in China.
Bitcoin fell around 9% early Monday morning, according to Forbes, while Dogecoin experienced the steepest drop, losing 8.5% of its value in the past 24 hours.
The latest drop is believed to have come after Chinese officials targeted Bitcoin mines in Sichuan province, as part of a broader regulatory measure announced last month.
Netizens and investors alike have flocked to Twitter to express their frustration and hope that all is not over yet. Take a look at some of the best reactions under the trending hashtags #cryptocrash and #dogecoin here:
#cryptocrash #dogecoinCrypto investors wait for the market to recover either like: pic.twitter.com/gi7H2FMV6C
Roni Patel (@yesiamronnie) June 22, 2021
The dip keeps dropping but I’m not selling! #cryptocrash #HODL pic.twitter.com/cbVBp8LqlL
edwin (@Spidey_Knight) June 22, 2021
Me who counts how much money I lost in cryptocurrencies since January of this year. #cryptocrash #cryptotrading pic.twitter.com/40XaiLgaf5
hawaiiancrypto (@hawaiicryptogod) June 21, 2021
When you’re the only one buying the #cryptocrash dips pic.twitter.com/lUtMp6blXH
Danny Josmar (@Imthecontrarian) June 22, 2021
I am looking at my crypto wallet today. #Bitcoin #dogecoin #etc #eth #cryptocurrency #cryptocrash pic.twitter.com/EcShdhshb8
in Jerry (@ BenJeRrY02) June 21, 2021
Market right now #crypto #cryptocurrency #Bitcoin #etherium #dogecoin #Binance #cryptocrash #cryptotrading pic.twitter.com/7byzrl8TRt
Oussama Siddiqui (@Cryptosamaa) June 21, 2021
To anyone complaining about #cryptocrash pic.twitter.com/2OTFKu5gwU
Jon (@jonfromIA) June 22, 2021
Me withdrawing $ 27 from my Crypto account after investing $ 4000 #buythedip #cryptocrash pic.twitter.com/9vYihbRpw3
Rohit Chauhan (@ imrchauhan5) June 22, 2021
#cryptocurrency #cryptocrash #buythedip I just loaded more #doge #dogecoin pic.twitter.com/oyy6a8N9gA
UK-MAGMA (@uk_magma) June 21, 202
I still don’t sell a penny of my crypto #cryptocrash #dogecoin #Bitcoin #AMCSqueeze pic.twitter.com/YVYAoualB9
Waybro (@ Wayne521G) June 22, 2021
DOGE is absolutely dying before our eyes. I’m going to keep holding on, but Jesus Christ, it’s frustrating as hell. # crypto-currencies #cryptocrash pic.twitter.com/qkuSxvRgqz
Toe Brogan (@BroganToe) June 21, 2021
make memes on #cryptocrash losing all my savings # dogecoin pic.twitter.com/wYJjSDTFEj
fullvikas (@not_vikash) June 22, 2021
China forms a considerable part of the mining infrastructure that underpins bitcoin and other digital currencies. And the abundant use of energy from coal-fired power plants, a dirty source of energy, poses a threat to China’s climate goals.
The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China released a statement last month denouncing digital currency and its volatile nature.
The statement said digital tokens have “no real support value” and prices “extremely easy” to manipulate, Forbes reported.
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