Even while dreading heavy losses in the ongoing market crash, the cryptocurrency community kept things light by sharing rib-tickling and self-deprecating memes on the social media platform, Reddit.
What Happened: Bitcoin BTC/USD sank below $54,000, reaching the lowest since Feb. 26.
King Crypto's drag rippled through the market, with Ethereum ETH/USD and other altcoins bleeding profusely as well. The total market cap fell below $2 trillion for the first time in 18 weeks.
However, as with previous crashes, the cryptocurrency community maintained its meme game strong, with social media platform Reddit becoming the hub of light-hearted humor.
User u/UnderstandingOk8093 from subreddit r/Bitcoin posted a hilarious meme of a trader regretting not buying BItcoin at $54,000 when it hit an all-time high earlier this year, but deciding against it now when the price has actually fallen to $54,000.
Another user, u/N-ve, highlighted the determination of a Bitcoin HODLer, who has become immune to pain after seeing numerous crashes and drawdowns.
User u/redtrolleycar used the popular template that features a person representing Satoshi Nakamoto, Bitcoin’s creator. with a caption, “Bitcoin CEO is giving us a chance to stack cheaper sats.”
See Also: Crypto Billionaire Justin Sun Offers To Buy Bitcoin Off-Market From German Government To Minimize Price Impact, Lawmaker Slams Authorities For Selling
Why It Matters: The cryptocurrency market has been hit hard by multiple bearish catalysts, including anticipated Bitcoin liquidations from defunct cryptocurrency exchange Mt.Gox, and potential sell-offs from the German and the U.S. government.
While memes act as good cope, the broader market sentiment was gloomy. Popular cryptocurrency analyst Ali Martinez highlighted a sharp drop in capital invested in the market from $110 billion during peak to $20 billion today.
Ali had earlier predicted of Bitcoin’s continued fall toward $51,000 in case it closed below $57,000.
Price Action: At the time of writing, Bitcoin was trading at $54,195.52 , down 7.66% in the last 24 hours, according to data from Benzinga Pro.
Photo by SvetlanaParnikova on Shutterstock
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