Twitter was abuzz with memes and jokes after the cryptocurrency market saw a dramatic fall over regulations in cryptocurrency dealings in China.
According to Forbes, Bitcoin fell around 9 per cent early on Monday morning while Dogecoin saw the steepest plunge, losing 8.5 per cent of its value over the last 24 hours.
The latest drop reportedly comes after Chinese officials targeted Bitcoin mines in the province of Sichuan, part of a wider regulatory measure announced last month.
Netizens and investors flocked to Twitter expressing frustration and hope that all is not over yet. Take a look at some of the best reactions under trending hashtags #cryptocrash and #dogecoin here:
— Roni Patel (@yesiamronnie) June 22, 2021
— edwin (@Spidey_Knight) June 22, 2021
— hawaiiancrypto (@hawaiicryptogod) June 21, 2021
— Danny Josmar ☔ (@Imthecontrarian) June 22, 2021
— 🅱️en Jerry (@BenJeRrY02) June 21, 2021
— Osama Siddiqui (@Cryptosamaa) June 21, 2021
— Jon (@jonfromIA) June 22, 2021
— Rohit Chauhan📈💹 (@imrchauhan5) June 22, 2021
— UK-MAGMA 🇬🇧 (@uk_magma) June 21, 202
— Waybro (@Wayne521G) June 22, 2021
— Toe Brogan (@BroganToe) June 21, 2021
— fullvikas (@not_vikash) June 22, 2021
China makes up a considerable part of the mining infrastructure that underpins bitcoin and other digital currencies. And the abundant use of energy coming from coal power stations—a dirty energy source— poses a threat to China’s climate goals.
The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China last month released a statement, turning negative on digital money and its volatile nature.
The statement said that digital tokens have “no real support value” and prices that are “extremely easy” to manipulate, Forbes reported.