On Saturday, after Bitcoin’s days of relative stability at $4,300, a fresh wave of selling pressure washed over crypto investors worldwide, sending Bitcoin well below its purported support levels at $4,000 and $3,800. The move, which came alongside an influx of trading volume, came seemingly unanswered at first. Bitcoin’s market cap shriveled to a mere $62 billion, while altcoins underwent a sharp sell-off, sending this industry’s cherished assets off metaphorical cliffs.
Amid the suffering, crypto-centric commentators took to their social media soapboxes to tout their controversial statements, in which they stated that capitulation was taking hold of crypto investors’ hearts. But, while a few critics painted a dismal picture for the crypto market, enunciating their conviction that $0 was in Bitcoin’s cards, other industry constituents took this plight with hints of skeptical optimism.