Memes Surge As Bitcoin Plunges Again, With Some Claiming The Crypto Market Is In Crisis

Bitcoin prices were down almost 15 percent this morning as the cryptocurrency market plummeted overall and the total market value dipped under $1 trillion for the first time since January 2021.

Binance and Celsius, two prominent crypto trading platforms, each paused Bitcoin withdrawals reportedly due to an extremely high volume of orders they weren’t able to keep up with.

Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.Funds are SAFU.

— CZ 🔶 Binance (@cz_binance) June 13, 2022

This meant that many investors were unable to access their cryptocurrency. That being said, they could still access their social media accounts and image-editing software, so there were plenty of memes produced amid the crash.

#Crypto Traders Right now 👇 pic.twitter.com/Ae1zBFPrwQ

— Sapna Singh (@EarnWithSapna) June 13, 2022

It was an honour guys 🫡Tag your #Crypto partners 🤡 #Cryptocrash #CryptoMarket #buythedip #Bitcoin pic.twitter.com/W9rBnhZ0C6

— Debashish Talukdar (@therealtalukdar) June 13, 2022

Some called out the Bitcoin exchanges as "scams" or "Ponzi schemes." The majority of cryptocurrency trading takes place through exchanges, which, because the currencies are not backed up by governments, end up exercising a lot of influence over how the markets are structured. After the collapse of the Terra exchange a few weeks ago, in which a lot of money was lost (especially by individual investors), some have wondered about the viability and fairness of the exchanges.

Binance temporarily pauses #Bitcoin withdrawals. Remember, when exiting a Ponzi, if you’re not first, you’re last. https://t.co/RK4gBChgj9

— Christopher Bloomstran (@ChrisBloomstran) June 13, 2022

Not all #bitcoin are equal pic.twitter.com/XIB7fPDYyj

— Relai 🇪🇺 (@relai_app) June 13, 2022

Bitcoiners who self custodied their bitcoin right now: pic.twitter.com/5bDiHHixl0

— Nakadai.BOLT12王🔑🦁🛡🏯📿 (@GhostOfNakadai) June 13, 2022

Many memes simply described the strong emotions that traders felt watching gains evaporate this morning.

🤣🤣🤣 Now hold 💎✊🏾#Cryptocrash #bitcoincrash #Binance pic.twitter.com/PviZyzNNR0

— Crypto_Dave (@Patzer_Busayo) June 13, 2022

Right now 🫣#BitcoinCrash #CryptoMarket #Crypto #Cryptocrash pic.twitter.com/sgiiSRreGU

— Bilal Khan (@bkbaluchh) June 13, 2022

When #Bitcoin dips… 😎 pic.twitter.com/egoNZt9lju

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) June 13, 2022

At least we’re all in this together right? #Bitcoin pic.twitter.com/NyuzCJFgDP

— Natalie Brunell (@natbrunell) June 13, 2022

Some commentators saw the worst possible outcome as the most likely, projecting the supposed "collapse of civilization" based on recent events:

Best INVESTMENT: Cans of Tuna Fish. Inflation about to take off. Best investments are cans of tuna & baked beans. You can’t eat gold, silver, or Bitcoin. You can eat cans of tuna and baked beans. Food most important. Starvation next problem. Invest in the solution. Take care.

— therealkiyosaki (@theRealKiyosaki) June 13, 2022

Another set of investors remained steadfastly loyal to the Bitcoin brand and political outlook, reminding others why they originally supported the cryptocurrency.

We wouldn't need Bitcoin:- If we could trust banks- If we could trust people- If we could trust the government But we can't. That's why we need Plan ₿

— Dan Held (@danheld) June 12, 2022

#Bitcoin today is just doing what is right pic.twitter.com/GIQMDmXjB2

— Jean Rausis (@realJeanRausis) June 13, 2022

This cryptocurrency crash might be read as a continuation of cryptocurrency troubles from earlier in the spring because the same factors and issues are still in place. The crash comes amid a broader downturn in the stock market, which has seen prices dip on essentially all assets today.

Analysts are speaking of a coming recession and bear market, but whether the economy as a whole goes down or not, rising inflation and political instability around the world will likely continue to lead big institutional investors to quit riskier investments, such as cryptocurrency.