Crypto Users On Twitter Lament The Ongoing Market Downturn

Crypto users on twitter has lamented over the ongoing market downturn

The week began with a significant market shock for cryptocurrency traders and investors. As the value of assets throughout the blockchain industry plummeted on Monday.

iexclusivenews reports that consumers rushed to Twitter to express their disappointment (or, in some cases, joy) with the current status of crypto.

This online news outlet understands that inflation, anticipated interest rate hikes, an impending recession. Yet another DeFi catastrophe have all played a role in the current market rout.

As a result, the price of Bitcoin (BTC) has fallen to levels not seen since late 2020.

Several crypto exchanges have restricted users from withdrawing their tokens.

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iexclusivenews Nigeria reports that a growing number of Web3-centric companies have announced layoffs. And the floor prices of various nonfungible token (NFT) projects have plummeted.

A quick glance at a few tweets from seasoned crypto aficionados reveals the general mood.

The true crypto investor’s theme is to hold Bitcoin and other altcoins.  Yet some look to be losing their fabled diamond hands. As one user put it,

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The crypto market isn’t alone in its struggles, as the stock market as a whole has plummeted. The Federal Reserve’s increased monetary tightening has prompted investors to sell a variety of stocks, with the S&P 500 falling 4% to a new low for 2022.

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Whales and former whales have begun to speak out as the fact that they have lost a significant portion of their wealth becomes clearer.

Others are pondering their next best move for buying, selling, holding, and trading in the larger crypto markets on Twitter.

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Meanwhile, iexclusivenews Nigeria reports that while some traders will always rely on technical analysis and predictions.

The current market dynamics have rendered classic charting techniques nearly obsolete.

Here’s a chart provided by one such crypto enthusiast to show why people are losing faith in technical indicators: