The cryptocurrency market took an absolute hammering on Tuesday, Jan. 16 in what is being described as ‘Black Tuesday.’
Bitcoin and various altcoins suffered over 40 percent losses in market capitalization on Tuesday amid regulatory uncertainty in South Korea and China.
The FUD led to a black day for cryptocurrency markets - arguably worse than the massive price correction that hit Bitcoin in the lead up to Christmas, after it had hit an all-time high of $20,000.
As per usual, crypto enthusiasts from all walks of life took to social media to share their thoughts, hopes and fears amid another shaky day in the world of cryptocurrencies.
Calls of #HODL ring clear
Canadian twitter user Armin van Bitcoin posted an interesting and widely shared graph comparing similar corrections in the price of Bitcoin in January for the past four years.
Another user also noted the trend, followed by a suggestion that a recovery would follow.
A thought provoking suggestion from Hodlwhale speculated that many traders and whales were merely taking profit for the first time this year:
Angel investor Jason Calacanis made a short list of characteristics to be wary of amid the massive correction:
Another user summed up a few factors that had led to mass FUD in the market, which culminated in a sell-off:
As always, Keiser Report host Max Keiser was up to his usual antics, with a Homer Simpson gif on the phone with his broker putting in a buy order:
Cointelegraph contributor Joseph Young said that numerous #hodl moments over the years had made him immune to FUD:
And finally, as Jeroen Blokland aptly tweeted, Bitcoin is still up over 1,000 percent since January 2017, putting perspective once again on a rocky day for cryptocurrency trading: