Amid reports of China intensifying its crackdown on mining and trading of digital coins, the cryptocurrency market crashed again, with major coins like Bitcoin, Ether, and Dogecoin all losing massive values before managing some recovery on Tuesday morning. The world's largest cryptocurrency, Bitcoin, even dipped to below the symbolic price threshold of $30,000 (roughly Rs. 22.3 lakh), losing nearly 50 per cent of its gains this year, although it has corrected a little now.
Following the market sentiment, Ether and Dogecoin, too, lost a huge chunk of their values before rebounding a little to recover losses. Since the crash, internet users have been expressing their frustration and hope by flooding social media with memes.
In April, Bitcoin had hit an all-time high of about $65,000 (roughly Rs. 48.3 lakhs). From there, on June 23, around 11.30 am IST, the price of Bitcoin in India stood at Rs 25.4 lakhs. Cryptocurrency markets are showing some improvement in the last 24 hours, but are still below even this weekend, and far from the highs of May.
This has led a lot of users to express their frustration on social media, joking about CryptoCrash and BuyTheDip. In one of the most hilarious memes, a user, Roni Patel, posted a collage of 4 photos featuring actor Rowan Atkinson from the popular sitcom Mr. Bean. The photos show Mr. Bean waiting endlessly, checking his watch constantly, before giving up finally. The user captioned the post, “Crypto investors waiting for the market to recover be like”.
Another user, CryptoAccasBoom, posted a photo of 3 men of varying heights, indicating the fall of Bitcoin over the past couple of months, with the tallest being the cryptocurrency's price in April.
Another user, Osama Siddiqui, represented the current scenario by posting a photo that showed red and green chilis making candlestick patterns of the fall of Bitcoin. He captioned the post, “Market right now.”
Here are more interesting memes:
Major cryptocurrencies had crashed last month as well when reports about China stepping up its efforts to crack down on Bitcoin mining started doing the rounds. Following the warning, Bitcoin miners suspended their Chinese operations. China accounts for 70 per cent of the world's crypto supply.