Crypto Crash / #CryptoCrash 2022 depicting a graphic of cryptocurrencies falling.

Crypto Crash 2022

Part of a series on Cryptocurrency. [View Related Entries]

Updated Jul 13, 2022 at 10:40AM EDT by Zach.

Added May 11, 2022 at 04:10PM EDT by Owen.

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Overview

The Crypto Crash, also identifiable by the hashtag #CryptoCrash, refers to the cryptocurrency and NFT markets struggling in early 2022 amid Bitcoin and Ethereum dropping in value rapidly over the course of one week. In mid-June 2022, the price of Ethereum specifically dropped by record numbers, causing the entire crypto market to lose an estimated $300 billion and the total value of the cryptocurrency market to fall below $1 trillion for the first time since January 2021.

History

January 2022 Crash

In January 2022, the hashtag #CryptoCrash trended for the first time on Twitter, related to both Ethereum and Bitcoin posting over 10 percent drops in value overnight. The exact cause of the price dip was never made clear but led to memes on Twitter going into the remainder of January 2022. For instance, Twitter[1] user arpit_apoorva posted a meme on January 21st, 2022, that received roughly 1,200 likes over the course of four months (shown below).


May 2022 Crash

On May 11th, 2022, it was reported by Forbes[2] that "panic" was sweeping the crypto markets amid the price of Bitcoin dropping by roughly 15 percent over the course of three days. The same type of drops hit other major currencies like Ethereum, Solana and Cardano. Jaime Baeza, the chief executive of Miami-based crypto hedge fund ANB Investments, said in a statement to Forbes, "Crypto markets have been under pressure given macro events (tighter monetary policy, surging inflation, Russia’s invasion of Ukraine) and the correlation between bitcoin and global equities is high. However, the most recent fall in crypto prices is more due to the de-peg of the UST."

Screenshots of market price graphs were shared by Twitter[3] user sonsofissacharr on May 11th, captioning them, "Next time you hear 'cryptocurrency is highly volatile' this is what they mean," earning over 80 likes in one day (shown below).


Issachar @sonsofissacharr Next time you hear "cryptocurrency is highly volatile" this is what they mean #Cryptocrash Line 15m 1h 4h Depth Line 15m 1h 4h 1D More Depth 1D More 125.26 0.8812 119.55 -0.8500 83,34 0.6521 BINANCET. BINANCE 41.41 0.4229 0.3536 5.20- 5.53 0.2250- 0.1937 2022-04-12 2022-04-27 2022-05-11 01:30 2022-05-11 05:15 MA EMA BOLL VOL МАCD RSI KDJ MA EMA BOLL VOL МАCD RSI KDJ Margin Order Book Trades Margin Info Order Book Trades Info Data Data Bid Ask 0.01 Bid Ask 0.0001 18.56 5.52 5.54 3.64 3,046 0.3528 0.3536 3,947 8,850 0.3520 0.3549 94 1,197.43 5.51 5.55 24.14 25.585 0.3519 0.3551 100 1,054.16 5.50 5.56 365.85 3:57 AM · May 11, 2022 · Twitter for Android

June 2022 Ethereum and Cryptocurrency Crash

Starting on June 10th, 2022, and continuing into the following week, the price of the second-largest cryptocurrency, Ethereum, dipped under $1,100. According to Forbes,[5] the June 2022 crash wiped $300 billion from the combined crypto market, with the total value of the market falling below $1 trillion for the first time since January 2021.[12]

News outlets like Business Today[6] likened the ETH crash to Staked Ether, or stETH, which is a cryptocurrency pegged to Ether. It had been de-pegged, resulting in positions that had borrowed Ether using stETH being liquidated. Forbes additionally likened the crash to the U.S.'s rising inflation which hit "worse-than-expected numbers" on June 10th, 2022.[5]

Online discussion of the ETH crash and falling crypto value started, most notably, on June 11th, 2022. For instance, on June 11th, Twitter[7] user and CNBC financial advisor Douglas A. Boneparth tweeted, "If you invested $10,000 in Ethereum in November of last year, you would have about $3,100 today," earning roughly 17,700 likes in three days (shown below, left). Also on June 11th, Twitter[8] user NFTsAreNice posted a Drakeposting meme joking about how the price of 1 ETH was once again 1 ETH, earning roughly 4,700 likes in three days (shown below, right).


Douglas A. Boneparth @dougboneparth If you invested $10,000 in Ethereum in November of last year, you would have about $3,100 today. 12:30 PM. Jun 11, 2022 · Twitter for iPhone 2,008 Retweets 328 Quote Tweets 17.7K Likes 1 ETH = $1537 1 ETH = 1 ETH

On June 12th, 2022, the Twitter[9] account DigiEconomist posted a tweet that included a graph depicting the energy consumption of Ethereum, which showed that estimated carbon emissions related to the ETH network had gone down by around 30,000 metric tons of CO2 per day in June. The tweet received roughly 4,400 likes in two days (shown below).


Digiconomist @DigiEconomist So far, the current Ethereum price crash is doing more for the environment than the planned move to PoS. Compared to just three weeks ago, estimated carbon emissions related to the ETH network have gone down by around 30,000 metric tons of CO2 per day. Ethereum Energy Consumption Pinch the chart to zoom in 100 75 25 0 2018 2019 2020 Zoom 1m 3m 6m YTD 1y All 6:08 AM Jun 12, 2022. Twitter for iPhone TWh per Year 50 2021 2022 May 1, 2017 Jun 29, 2022 EthereumEnergyConsumption.com

The online discussion related to the crash started off serious but memetic content related to it surfaced going into the remainder of June. For instance, on June 12th, 2022, Twitter[10] user CryptoZemer drew a dinosaur on the graph showing the ETH crash, earning roughly 10,400 likes in two days (shown below, left). Also on June 12th, Twitter[11] user NFTHawks posted a meme about the ETH crash that earned roughly 2,800 likes in two days (shown below, right).


CryptoZemer.eth @CryptoZemer Guys this is just a healthy pullback so we can 10x from here!! BTC will hit $270k ETH will hit $15k I promise, my technical analysis says so! Don't worry 010229.99000000 H10331.03907001 L9680.24810672 C10298.99999998 22000 00000000 21000 00000000 20000 00000000 B 19000 00000000 18000 00000000 17000.00000000 16000 00000000 15000.00000000 14000 00000000 13000.00000000 12000 00000000 11000.00000000 30758 9000000 10000-0000000 9000.00000000 î/ 8000 00000000 7000-00000000 6000 00000000 5000.00000000 400000000000 3000.00000000 2000 00000000 1000 00000000 000000000 1000.00000000 C Det 1:26 PM Jun 12, 2022. Twitter Web App ↓ F417) : Hawks @NFTHawks For 1 ETH I will pose as a couples therapist and convince your loved one that your NFTs and crypto are still a good investment 7:35 PM Jun 12, 2022 · Twitter for iPhone :

Various Memes


: Anonymous (ID: 32bi6eog ) 05/09/22(Mon)21:39:45 No.48600177 Everyone is mad at me, what the f. SI was the crypto guy and got a bunch of people at work interested and invested. Now they won't talk to me or if they do they're really angry. I think they're going to hurt me. I'm not joking. I'm scared. I think I'll have to quit 1.57 MB JPG my f ting job. ed @Canhagetanamen Replying to @guy_freire “Sir, the ape only sold for 115$" 99 MA Co 9:58 PM · May 10, 2022 · Twitter for iPhone Serem @ekipchumbah W-- just happened #BitcoinCrash BTC-USD Bitcoin USD 29,544.42 562.4B CCC · USD 1D 1W 1M 3M 6M YTD 1Y 2 32,063 31,421 30,779 30,137 10 3 8 8:58 AM · May 11, 2022 · Twitter for Android LO LOOK SON Crypto Memes Guy @CryptoMemesGuy ... THEM PAPER HAND Just keep buying the dip and everything will be fine. #Bitcoin B #BitcoinCrash #Cryptocrash BITCOIN CRASH TODAY 2 WEEKS LATER 2 WEEKS AGO 8:21 PM · May 9, 2022 · Twitter for Android ARE YOU WINNING DAD? NO, PACK YOUR THINGS, I JUST LOST THE HOUSE

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