Bitcoin slump: Meme frenzy takes over social media
Even though yesterday’s crypto crash wiped out around $500 billion of investors' wealth, Twitterati found the perfect opportunity to have fun
After falling to nearly $30,000 levels, Bitcoin staged a dramatic recovery within 24 hours and is back in the green zone. Bitcoin plunged by 30% on Wednesday after China signalled a new crackdown on the cryptocurrency and tycoon Elon Musk hinted that his Tesla car company could unload its huge holdings in the unit. Ever since, Bitcoin Crash has been the buzzword.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90% of the global trade in the sector.
The high volatility in cryptocurrencies is not new, it continues to attract investors globally. For instance, the year 2017 witnessed one of the worst crashes with Bitcoin prices down to almost $3,000. Similarly in 2013, Bitcoin prices crashed almost by 80%.
Even though yesterday’s crypto crash wiped out around $500 billion of investors’ wealth, Twitterati found the perfect opportunity to have fun.
