Bitcoin crash unleashes a wave of satirical memes

Internet users have treated cryptocurrency fluctuations with a touch of irony, taking the opportunity to embody the financial and economic implications with clever memes.

Bitcoin plunged below $23,000 on Monday, its lowest since 2020 as investors shun risky assets after investment platform Celsius halted cryptocurrency withdrawals and the world’s largest exchange Binance did the same.

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The world’s most popular cryptocurrency fell more than 16% to $22,603 ​​on Monday, hitting December 2020 levels.

In an unusual twist, the virtual currency fluctuations were addressed by netizens with a touch of sarcasm who took advantage of the situation to flesh out the financial and economic implications with clever memes.

The cryptocurrency market, which was at over $3 trillion at its peak seven months ago, has fallen below $1 trillion, according to Coingecko, which monitors more than 13,000 different cryptocurrencies.

Continue reading: Bitcoin Drops to Lowest Level Since 2020: How Much Has El Salvador Lost?

Global markets were shaken on Monday by fears of a sharp rise in US interest rates and a recession, after the release of higher-than-expected US inflation figures on Friday.

“The correlation between the stock markets and bitcoin” continues to gain traction, said AvaTrade analyst Naim Aslam.

The value of the virtual drive has fallen 65% since it reached an all-time high in November 2021.

By 2021, the emerging sector attracted more and more players from conventional finance, whose appetite for risk was driven by the accommodative policies of central banks around the world.

But the rate hike by the US Federal Reserve, in its attempt to combat hyperinflation, is throwing its weight on the markets.

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