Even as the Dow Jones crashed 10% on Thursday, leading one analyst to describe the market as “screaming out for help,” the collapse of Bitcoin and other cryptocurrencies was even worse.
Prices for Bitcoin tumbled by over a quarter to around $5,800 as of end of day. The price of the digital currency was around $10,400 on Feb. 12, meaning its value has fallen around 50% in a month. Even for an asset accustomed to volatility, Thursday’s tumble was staggering:
While much of the sell-off is likely tied to the general market panic over the coronavirus, one long-time crypto investor suggested that large margin calls have forced professional traders to liquidate their positions:
The sell-off led some to call for Bitcoin to “hodl”—cryptocurrency slang for holding on and not selling, even in dire moments.
Hunter Horsley, a crypto entrepreneur and former Facebook executive, noted that, while professional traders were selling, many retail investors on the consumer platform Coinbase had decided to buy.
Barry Silbert, one of the biggest Bitcoin holders in the world, also declared the meltdown provided an opportunity to buy, while Bitcoin fan and celebrity makeup artist Michelle Phan echoed the same sentiment.
Not everyone in the crypto community was so cheerful. Samson Mow, an insider close to Bitcoin’s core programming team, shared a bloodbath image from The Shining:
Others in the crypto community, many of whom are longtime critics of the U.S. government’s fiscal and monetary policy, weighed in on recent developments. One brought up former Presidential candidate Andrew Yang—a favorite among Bitcoin fans—and noted his calls for universal basic income would be timely.
Meanwhile, Eric Voorhees, a crypto entrepreneur and staunch libertarian echoed the sentiments of many Bitcoin owners by sneering at the Federal Reserve’s latest intervention:
Finally, the CEO of the research firm Messari showed how cryptocurrency workers—many of whom have been warning about the pandemic for months—are adapting to work from home.
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