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.
Why the dip?#bitcoin
— 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:
How is everyone’s Sunday going? pic.twitter.com/t3kSTJusmL
— Richard Heart (no giveaways) (@RichardHeartWin) June 10, 2018
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…