The general consensus seems to be that it all went downhill both before and after Bitcoin’s recent 13th birthday.
News
Many crypto enthusiasts turned to social media on Friday to voice their frustration with the state of the crypto market. A Reddit user named imyourkingg allegedly invested 30% of his net worth in Bitcoin (BTC) a few months ago, saying:
“I don’t need this money for the next 5 to 10 years, but I have to admit that sometimes I am very scared about the future of Bitcoin I mean it will crash or never reach $100k, $200k like predictions for 2025+ say or at least $55k more lol, and I lost that money especially when all my friends, mom and family called me crazy for investing in it. “
The decentralized nature of cryptocurrencies means that no circuit breakers equivalent to circuit breakers exist on traditional stock exchanges. The resulting up/down cycles can be extreme and difficult for beginners to get used to. Another Reddit user took to the podium with a post titled “$60k and panic:
Okay, I am very new to crypto and a victim of Thanksgiving dinner, but I need help selling or holding. Guys, I will HODL [Hold on for Dear Life], but I can not afford to buy more.
Bitcoin’s price has had a disappointing start to 2022, with the digital currency down 11.4% in the past 24 hours and 44.7% from its all-time high of around $68,000 on Dec. November 2021. Early BTC investors may have sat on relative fortunes, making them more weather-resistant through these crashes. However, the same cannot be said for investors who have only recently entered the game. According to a report by Huobi Group, 70% of current crypto holders in the United States start investing in cryptocurrencies by 2021.
Why isn’t it live about ..I’m tired of buying new embeds#BitcoinCrash #cryptocrash pic.twitter.com/pdJ6LlA4Mr
– Gurudas (@GurudasShinde) January 21, 2022