Sad Memes Pour In From Crypto Holders As Bitcoin Slips 35 Percent From Its All-Time High

After Tesla and China dealt a quick one-two punch to Bitcoin, the cryptocurrency slid from $56,000 to $35,000 over the course of one week, with the coin pulling Ethereum, Dogecoin and other alt-coins down with it. Cryptocurrency communities on Twitter, Reddit, 4chan and other sites are flooded with posts in which traders are sharing their losses as well as their hopes that the crypto market will soon bounce back.

On Wednesday, the price of Bitcoin slipped from $40,000 to $35,000, at one point dropping to as low as $30,000, after China banned financial institutions and payment companies from providing cryptocurrency transaction services, also issuing a warning to cryptocurrency speculators.

The news followed another blow to the price of Bitcoin dealt by Tesla several days prior, when on May 12th Tesla CEO Elon Musk announced that the company was suspending purchases with Bitcoin due to environmental concerns.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

Within the week since Musk's tweet, Bitcoin lost 38 percent of its value, Ethereum dropped 40 percent and Dogecoin, beloved both by Musk and the meme crowd, lost 31 percent. Over $8 billion long positions in Bitcoin were liquidated due to margin calls.

Over the past week, crypto holders on Twitter, Reddit, Discord and other social networks have reacted to the recent developments with tweets about losing lots and lots of money, sending the hashtag #dontbuytesla to trending and, somewhat traditionally for things related to crypto, with bittersweet memes.

lost half a mil lol hit a dab pic.twitter.com/FUVbkMPaVO

— lushsux (lushsux) May 19, 2021

Welcome, #Bitcoin class of 2021. pic.twitter.com/uxTcCSJHnE

— 🟠Dylan LeClair🟠 (@BTCization) May 19, 2021

Hey look it still fits, wish me luck tomorrow guys $BTC $ETH $DOGE pic.twitter.com/0ZeMLe57yZ

— MKBaskitch (@MBaskitch) May 19, 2021

After Tesla CEO Elon Musk, crypto investor Mike Novogratz and Microstrategy CEO Michael Saylor all wrote that they did not get rid of a single Bitcoin during the sell-off, the price of the coin bounced back a bit, with the mood of the posts changing accordingly.

Elon i invested my Entire life Savings into the imaginary coins and have lost literally everything i will never see my kids again i have been living on the street for 3 days thank u for tweeting this Sir can u please keep tweeting so i can get my money and life back sir

— Dolan Dark (@DolanDark) May 19, 2021

Just as Bitcoin tested its lowest price in months, reports that the NFT market is cooling down since its March high have also been coming in.