Crypto users take to Twitter to lament the ongoing market downturn

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Crypto traders and investors started the week with a major setback for the markets. As assets in the blockchain industry went into a mass dive on Monday, users took to Twitter to voice their frustration (or in some cases joy) with the current state of crypto.

Inflation, potential interest rate hikes, an impending recession, and yet another DeFi fiasco have contributed to the current onslaught seen in the markets on Monday. As a result, the price of bitcoin (BTC) fell to levels not seen since late 2020, many crypto exchanges limited users from withdrawing their tokens, a growing number of Web3-focused companies announced layoffs, and Floor prices of various non-fungible tokens (NFTs). Projects have declined.

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A look at some of the tweets from seasoned crypto enthusiasts reveals the overall sentiment. Holding bitcoin and alts is a matter of right crypto investors, however, some are experiencing the weakening of their perceived diamond hands. As one user noted:

The crypto space is not alone in its plight, with the entire stock market taking a major hit. Increased monetary tightening from the Federal Reserve has caused investors to sell a range of stocks as the S&P 500 fell 4% to a new low for 2022.

Whales and former whales begin to make their voices heard as they realize that they have lost a great deal of their wealth.

Elsewhere on Twitter, some are trying to figure out their next best move to buy, sell, hold, and trade in the major crypto markets.

While technical analysis and forecasting have always been the key for some traders, current market dynamics have made traditional charting techniques almost obsolete. Here is one such crypto enthusiast chart offered to explain the loss of confidence in technical indicators: