The cryptocurrency market took an absolute hammering on Tuesday, Jan. 16 in what is being described as ‘Black Tuesday.’
Bitcoin and various altcoins suffered over 40 percent losses in market capitalization on Tuesday amid regulatory uncertainty in South Korea and China.
The FUD led to a black day for cryptocurrency markets – arguably worse than the massive price correction that hit Bitcoin in the lead up to Christmas, after it had hit an all-time high of $20,000.
As per usual, crypto enthusiasts from all walks of life took to social media to share their thoughts, hopes and fears amid another shaky day in the world of cryptocurrencies.
Calls of #HODL ring clear
Canadian twitter user Armin van Bitcoin posted an interesting and widely shared graph comparing similar corrections in the price of Bitcoin in January for the past four years.
There seems to be a pattern here. 🤔 #bitcoin #hodl pic.twitter.com/UOAfelOKcE
— Armin van Bitcoin (@ArminVanBitcoin) January 16, 2018
Another user also noted the trend, followed by a suggestion that a recovery would follow.
At the same date every year the bitcoin crashes: 2015 – Low was Jan 15
2016 – Low was Jan 16
2017 – Low was Jan 12
2018 – Low ….#btc #hodl #back #recover #market #CryptoNews #cryptocrash
And it recovers stronger than ever— Ahmed Saeed (@MidaAcura) January 16, 2018
A thought provoking suggestion from Hodlwhale speculated that many traders and whales were merely taking profit for the first time this year:
In short time $100B in market cap has left the building.
Why?
1) Traders paying taxes
2) Traders and Whales that waited to take profits until after the first of the year
3) Whales pushing the price down to let Wall Street money in (it’s bonus season)
4) Weak Hands #HODL $BTC— HodlWhale (@HodlWhale) January 16, 2018
Angel investor Jason Calacanis made a short list of characteristics to be wary of amid the massive correction:
A quick reminder when gambling on crypto:
1. Unregulated
2. Highly manipulated
3. there is no use care other than money transfer & speculation
4. Easily regulated by governments
5. Meme-driven investing is a brand new thing #HODL!
6. Save this tweet for bitcoin $1m day pic.twitter.com/5y8NH6UiSW— jason (@Jason) January 16, 2018
Another user summed up a few factors that had led to mass FUD in the market, which culminated in a sell-off:
JPMorgan false claims
Korean exchange raids
Chinese bans
Miscellaneous FUD
Panic selling
All happening at once.
Cleverly timed for wall street bonus checks and orchestrated to get you to sell for loss so they can buy your bags for cheap. Don’t get rekt#HODL #CryptoFam $XVG #BTC— VergeLife (@VergeLife) January 17, 2018
As always, Keiser Report host Max Keiser was up to his usual antics, with a Homer Simpson gif on the phone with his broker putting in a buy order:
“Buy 10,000 at the market”. pic.twitter.com/MdxcDuVaUL
— Max Keiser (@maxkeiser) January 17, 2018
Cointelegraph contributor Joseph Young said that numerous #hodl moments over the years had made him immune to FUD:
I’ve hodled #Bitcoin and #Ethereum through so many major corrections I’m almost immune to big drops. To those that bravely shouted “HODL!” but actually sold off all their cryptocurrencies, let’s see in a few days. pic.twitter.com/yfpP3NsZ0r
— Joseph Young (@iamjosephyoung) January 17, 2018
And finally, as Jeroen Blokland aptly tweeted, Bitcoin is still up over 1,000 percent since January 2017, putting perspective once again on a rocky day for cryptocurrency trading:
#Bitcoin it’s all relative chart.
Down 42% from its high mid December.
Up 1015% from January 2017. pic.twitter.com/a9UOw5VjZk— jeroen blokland (@jsblokland) January 17, 2018
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