Twitter abuzz with memes and jokes after crypto market plunges over China regulations

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:

#cryptocrash #dogecoin
Crypto investors waiting for the market to recover be like : pic.twitter.com/gi7H2FMV6C

— Roni Patel (@yesiamronnie) June 22, 2021

The dip keeps dipping but I ain’t selling! #cryptocrash #HODL pic.twitter.com/cbVBp8LqlL

— edwin (@Spidey_Knight) June 22, 2021

Me counting how much money I lost in crypto currency’s since January of this year. 😂 #cryptocrash #cryptotrading pic.twitter.com/40XaiLgaf5

— hawaiiancrypto (@hawaiicryptogod) June 21, 2021

When you’re the only one buying the dips #cryptocrash pic.twitter.com/lUtMp6blXH

— Danny Josmar ☔ (@Imthecontrarian) June 22, 2021

Me looking at my crypto portfolio today.
#Bitcoin #dogecoin #etc #eth #cryptocurrency #cryptocrash pic.twitter.com/EcShdhshb8

— 🅱️en Jerry  (@BenJeRrY02) June 21, 2021

Market right now#crypto #cryptocurrency #Bitcoin #etherium #dogecoin #Binance #cryptocrash #cryptotrading pic.twitter.com/7byzrl8TRt

— Osama Siddiqui (@Cryptosamaa) June 21, 2021

To everyone who is complaining about the #cryptocrash pic.twitter.com/2OTFKu5gwU

— Jon (@jonfromIA) June 22, 2021

Me withdrawing $27 from my Crypto account after investing $4,000#buythedip #cryptocrash pic.twitter.com/9vYihbRpw3

— Rohit Chauhan📈💹 (@imrchauhan5) June 22, 2021

#cryptocurrency #cryptocrash #buythedip Just loaded up with more #doge 🚀🌜#dogecoin pic.twitter.com/oyy6a8N9gA

— UK-MAGMA 🇬🇧 (@uk_magma) June 21, 202

Still not selling a penny of my crypto #cryptocrash #dogecoin #Bitcoin #AMCSqueeze pic.twitter.com/YVYAoualB9

— Waybro (@Wayne521G) June 22, 2021

DOGE is absolutely dying in front of our eyes. Gonna keep holding but jesus christ this is frustrating as hell. #cryptocurrencies #cryptocrash pic.twitter.com/qkuSxvRgqz

— Toe Brogan (@BroganToe) June 21, 2021

making memes on #cryptocrash while losing all my savings#dogecoin pic.twitter.com/wYJjSDTFEj

— 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.