Bitcoin's Price Is Below $7K and (Some) Hodlers Aren't So Happy About It

The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.

CoinDesk Insights
Jun 11, 2018 at 7:45 p.m. UTC
Updated Sep 13, 2021 at 8:02 a.m. UTC

The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.

While pundits don't quite agree on the circumstances behind the plunge (with some blaming reports of a widening manipulation crackdown, the hack of South Korean crypto exchange Coinrail or just some pre-week selling), what's clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.

Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a sign of the times, half of the roughly 3,700 respondents blamed "aliens" with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.

— Alistair Milne (@alistairmilne) June 10, 2018

And as another observer pointed out, it's not just bitcoin that felt the heat this weekend – many of the world's largest cryptocurrencies by market capitalization saw downward price moves.

Richard Heart asked his followers on Sunday:

— Richard Heart (no giveaways) (@RichardHeartWin) June 10, 2018

Light-hearted take

The efforts at levity amidst the market tumble were seen elsewhere. For example, investor-focused social network StockTwits tried to encapsulate what some traders are likely feeling – in gif form, that is.

— StockTwits (@StockTwits) June 11, 2018

And cryptocurrency reporter Joseph Young contrasted the viewpoints of an office worker on Monday eager for Friday to arrive with a crypto trader going through the price headwinds.

Monday in crypto: life savings down 20%.

— Joseph Young (@iamjosephyoung) June 10, 2018

Glass half full?

Not all those in the trader community are looking at the situation as an entirely negative one or a reason to remain bearish.

Indeed, some observers are still calling for the "moon" – even though this weekend's price moves may slow that process a bit.

— Fabien Vernagallo (@fabvernagallo) June 10, 2018

And others, according to today's social media churn, are already looking toward greener pastures:

I'll keep y'all updated

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.