Reddit Users Share Their Thoughts on the 44% Drop in Bitcoin Price



Many cryptocurrencies turn to social media on Friday for their frustrations with the state of cryptocurrencies. A Reddit user named imyourkingg allegedly invested 30% of your net worth in Bitcoin ( BTC ) a few months ago, saying:

“I don’t need that money scared in the next 5-10 years, but I have to admit that sometimes I get so much of Bitcoin’s future; I mean, it drops or never gets to $100k, $200k as they say my friendships for 2025+ or at least $55k again lol and i lose that money especially when all my friends my mum and mum call me crazy for investing in it.”

The decentralized nature of cryptocurrency means that there are no circuit breakers equivalent to those on traditional stock exchanges. High/low cycles can be extreme and result from the uninitiated getting used to it. Another Reddit user made a post entitled “$60k and panicked:

Okay, so I was very new to cryptocurrencies and a victim of Thanksgiving dinner, but I need help selling or holding. Guys, I’m going to HODL [Hold on for Dear Life], but I can’t buy much more rn.

Bitcoin price is off to a disappointing start to 2022, with the digital currency down 11.4% in the last 24 hours and 44.7% from its all-time highs of approximately $68,000 in November 2021.

Investors may already be sitting on similar fortunes, being better able to weather such dips. The same can be said for investors who haven’t recently gotten into the game.

However, from according to a report by the Huobi Group, 70% of cryptocurrency holders in the US started investing in cryptocurrencies in 2021.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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