Investor Alert

Cryptos Archives | Email alerts

May 19, 2021, 6:08 p.m. EDT

‘Cryptocrash’ trends on Twitter as plunge in bitcoin leads to dark humor and mockery

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Twitter Inc. (TWTR)
  • X
    Bitcoin USD (BTCUSD)
  • X
    Ethereum USD (ETHUSD)

or Cancel Already have a watchlist? Log In

By Steve Goldstein

The world of cryptocurrencies has seen better days, and traders took to social media to lament, and mock, the developments.

The news that China was banning its financial institutions from providing services through cryptocurrency sent shock waves through an already-reeling market, with bitcoin falling as low as $30,445 from $43,318 on Tuesday. On Twitter /zigman2/quotes/203180645/composite TWTR +3.05% , the phrase cryptocrash trended, as did bitcoin, and “BTC and ETH,” the shorthand code for bitcoin and ethereum.

Over the last seven days, bitcoin /zigman2/quotes/31322028/realtime BTCUSD +1.61% has lost a third of its value, ethereum /zigman2/quotes/108573964/realtime ETHUSD +2.01% has dropped by 37%, and Binance Coin has dropped 44%, according to the CoinMarketCap site.

The first reaction, of course, was shock.

One social-media user suggested stocking up on instant soup.

Elon Musk, the chief executive of Tesla /zigman2/quotes/203558040/composite TSLA -0.91% who has a love/hate relationship with bitcoin, suggested the electric-vehicle maker is holding on to its bitcoin, using the emojis for diamonds and hands, which has come to mean a willingness to hold on to assets through volatility. Tesla last week announced it will stop allowing vehicle sales by bitcoin because of the environmental damage caused by mining.

The chief executive of business-intelligence company Microstrategy /zigman2/quotes/202561856/composite MSTR -2.92% , another company that has acquired bitcoin, also said he wasn’t selling.

The flip side of bitcoin, and other cryptos, falling in value, is that fiat currency is worth more.

In practice, it isn’t easy to bet against crypto, though there are futures contracts one can short. The BetaPro Inverse Bitcoin ETF /zigman2/quotes/226088473/delayed CA:BITI +0.41% , listed in Canada, surged 14%.

Social-media users also mocked the idea that cryptocurrencies served as an inflation hedge.

The hackers that successfully acquired ransom crypto funds from Colonial Pipeline became poorer, if they haven’t sold already.

The true believers, of course, said there has never been a better time to buy.

$ 71.69
+2.12 +3.05%
Volume: 44.28M
July 23, 2021 4:02p
P/E Ratio
Dividend Yield
Market Cap
$57.22 billion
Rev. per Employee
US : CoinDesk
+544.77 +1.61%
Volume: 0.00
July 24, 2021 8:24p
US : Kraken
+43.18 +2.01%
Volume: 86.16M
July 24, 2021 8:24p
US : U.S.: Nasdaq
$ 643.38
-5.88 -0.91%
Volume: 14.60M
July 23, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$619.79 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 539.71
-16.23 -2.92%
Volume: 574,890
July 23, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$5.26 billion
Rev. per Employee
CA : Canada: Toronto
$ 24.33
+0.10 +0.41%
Volume: 8,861
July 23, 2021 3:59p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.