Is The Crypto Selloff A Spectator Sport For You? Here’s The Mood On Twitter

Written by Dana Sanchez

Every major cryptocurrency suffered double-digit losses in the last 24 hours, and a crypto selloff is one explanation — a possible pre-Christmas correction.

After spiking to more than $19,500 last Sunday, bitcoin’s price has dropped steadily this week. Overnight, the cryptocurrency’s downward momentum took it to less than $13,000.

It’s part of a bigger, broader cryptocurrency selloff,  Arstechnica reported. As of Friday morning, every major cryptocurrency was posting double-digit 24-hour losses. Ethereum is down 28 percent over the last 24 hours, Litecoin is down 32 percent, and Bitcoin Cash is down 37 percent

Crypto selloff

crypto selloff
Chart source: Arstechnica

 

“To be fair, all of these currencies—like bitcoin—have seen massive gains in recent weeks. They’re all well above their value at the start of December, to say nothing of values earlier in the year,” Arstechnica reported. “But the broad-based blockchain slide comes as a growing chorus of experts warn that cryptocurrency valuations could be an unsustainable bubble. Yesterday, a beverage company called the Long Island Iced Tea Company renamed itself ‘Long Blockchain’ and was rewarded somewhat hysterically with a nearly three-fold increase in its stock price. This story, and others like it, has convinced some observers that we’re seeing a repeat of the 1990s technology boom.”

Here are some of the responses on Twitter, ranging from calls to keep calm and hold, to unadulterated panic:

https://twitter.com/_tm3k/status/944111529019965441

https://twitter.com/robertreidmd/status/944150886619561984

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