The bleeding the crypto market is experiencing seems to have no end in sight. Things have been bad for a while, but on Nov. 24 the situation went from bad to worse as BTC fell below $4,000 and dragged the rest of the market down with it.
The free fall has surprised even seasoned investors. While some traders have opted to bow out, others have used the opportunity to add to their portfolio.
The plummeting crypto prices have left many traders in despair, and others are vowing to quit. The mood has been so bad that even the morbid humor that follows a price drop has been absent from the Twitter crypto community.
One Twitter user who goes by the name Andreas Antonopoulos called for compassion, patience, and respect for each other. Since many people have lost a lot of money from the drop and it wasn’t helpful to make empty promises, criticize each other choices and share shitty memes.
Ran Neuner claimed that for the first time in the ongoing bear market he had seen people capitulate, throw in the towel, ridicule the movement and the technology and also vow never to touch cryptocurrencies again. He adds that even the bravest went quiet.
The mood was equally downbeat on 4chan’s message board. One user claimed “That’s it, I sold,” accompanied by a photoshopped image of weed-smoking Elon Musk that resembled Brendan Fraser being justed.
“I’m free. I’m finally free from this fucking hell of scammers … It was fun and games for a while, but now it’s just a cruel, sick joke. I bought [BTC] at 15K. No human can look at their money disappear before their very eyes and not be bothered. You know we’re going to 3K, right?… Let’s all stop pretending that this is gonna be anything but a bear market until 2020.”
While some are quitting and others are promising never to touch crypto again, there are those that see an opportunity. For the people that missed out on buying BTC during last year’s Bull Run and have some cash sitting on the sidelines, now they have an opportunity.