‘Bought into dip, but dip keeps dipping’: Bitcoin crash triggers hilarious meme fest

It is such a tumultuous time for Bitcoin investors that if you are one, you are probably having nightmares. All the soaring and dipping of cryptocurrencies’ value has sent the investors in a tizzy. On Wednesday, Bitcoin dipped 30 per cent to $31,000, wiping out $500 billion from its peak market value. Ethereum was down 40 per cent and Dogecoin was down 45 per cent.

Bitcoin’s upheaval came on the back of Elon Musk’s tweets. It soared when Musk said that Tesla will accept Bitcoin in payments for its cars. It nosedived after Musk said that the company will no longer accept Bitcoin as payments. Dogecoin soared after the Tesla chief backed it and said that he is working with Dogecoin developers to “improve system transaction efficiency.” But Musk’s appearance on Saturday Night Live, where he called Dogecoin a ‘hustle’ and a series of tweets criticising crypto mining saw the meme coin tumble.

Additionally, China has banned crypto transactions. The country has asked financial institutions and payment companies to not provide services related to cryptocurrency transactions and warned investors against speculative crypto trading. 

Moreover, closer home, reports stated that the Centre may form a new panel of experts to study the possibility of regulating cryptocurrency in India. The Finance Ministry is also monitoring the growing volume of cryptocurrency trading in the country. A committee headed by former Finance Secretary Subhash Garg had, in 2019, recommended a blanket ban on these assets.

As the crypto market crashed, the app of India’s largest crypto exchange WazirX crashed too. WazirX said that the heavy price dip has led to a tremendous surge in their traffic, with people seeking to buy into the dip. This led to the crash in the app.

Bitcoin clawed its way back to $38,136.44 on Thursday from $31,000 on Wednesday.

Meanwhile, as the global crypto ecosystem was on a trip, netizens did what they could possibly do at the time — make memes as they perfect the art of meme-making in the face of adversity.

Also read: Crypto in free fall: Bitcoin tanks 30% to $31,000, Ethereum loses 40%, Dogecoin down 45%

Also read: Bitcoin recovers to $38,000 after plunging 30% in 24 hours