It is a dark day for the cryptocurrency field as Bitcoin (BTC) continued its slip below the $4,000 USD level, setting a yearly low of $3,658 USD. Despite the grim environment across the cryptocurrency world, top analysts and crypto fanatics are embracing gallows jokes in a bid to lighten the dying markets.
If you are yet to follow through what is happening to financial markets – cryptocurrency markets included – here is a short explanation; Corona Virus f*cked the system!
Corona virus attacks traditional financial markets
The DOW Jones experienced its largest points drop before closing ever, losing about 2,373 points, representing a 10% drop in a day. The DOW Jones currently stands at 21,200 points with the COVID-19 virus setting a bearish trend in the market.
BREAKING: Dow closes down 2,373 points (10%), largest point drop in history
— BNO Newsroom (@BNODesk) March 12, 2020
Furthermore, the S&P 500 index, which tracks the top 500 companies, saw a 9.56% dip on Mar.12. How bad is this compared to previous crashes? This is the worst performance of the S&P 500 since the 1987 Black Monday crash, with trillions of dollars wiped off the market.
S&P down 9.5% today.
Worst since 1987, Black Friday.
Based on historical volatility, -9.5% for S&P is equivalent to -51% for Bitcoin.
Bitcoin is down less than that today, and 76% of Coinbase users were Buying. pic.twitter.com/tlAPBmmPsW
— Hunter Horsley (@HHorsley) March 12, 2020
Corona Virus attacks the rich and crypto
The crunch of the corona virus attacks are not only affecting the legacy financial markets as the cryptocurrency world – long hailed as store of value assets – have also witnessed huge volatile movement in response to the virus. Moreover, the extremely wealthy have lost a huge portion of their investments as the markets collapsed.
The world’s 500 richest people collectively lost more than $330 billion in net worth on Thursday from the stock market drop.
That is more value than the entire crypto market cap.
The alternate financial system is just getting started.
— Pomp 🌪 (@APompliano) March 13, 2020
Andreas: “Not the halving you expected”
The cryptocurrency market is turning to gallows’ jokes in a bid to keep up with the failing market and make it hurt less. In a banter tweet to the crypto market, one of the top Bitcoin educators, Andreas Antonopoulos, joked on the upcoming halving stating the community may have interpreted the halving wrongly.
“I think y’all misunderstood the term ‘halving’.”