Twitter Ablaze With Jokes About The Crypto Market In China

Highlights

• There has been a sudden dip in the crypto market in China in a number of digital currencies
• Rise and fall in the crypto market are often caused due to several factors
• The regulatory measures have been ineffective against the jokes cracked on Twitter regarding this sudden dip.

Some particularly dark memes have been on the rise on Twitter after a dramatic fall in the crypto market in China. Twitter has been one of the places that have been bombarded with memes about the fall in the regulation of cryptocurrency dealings in China. 

Rise And Fall In The Crypto Market

It has been announced by Forbes that Bitcoin values fell by about 9% on early Monday morning. It’s not just the value of bitcoin that has fallen; dogecoin experienced the steepest plunge in its value as well, falling around 8.5% over the last 24 hours. The latest drop was reported after the Chinese officials targeted the Bitcoin mines in Sichuan. This was part of the regulatory measures which had been announced last month. 

The investors and netizens have come onto Twitter to express their frustrations and hopes which have been associated with crypto for a long period of time. Hence, anger started to pour in from every corner regarding this sudden drop in value, which was quite unexpected. Many jokes were cracked on the social media platform but it was quite understandable that the jokes were made under the garb of pain. The mining infrastructure might be affected gravely by the system of the crypto market as well.

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Chinese Hub For Bitcoin Mining

It is widely known that China is one of the biggest sources for mining bitcoins. Digital currencies of all kinds are quite accepted in China and there are other rare modes of payment available as well. This also means that the energy usage in China is increasing, which does not comply with the climate goals set by China for the present years. Any dip or rise in currency is bound to have an effect on the environment as well.

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Will it have much effect?

What do you think about the rise and fall in values in the crypto market? Do you think it will be responsible for any change in our day-to-day lives? Let us know your thoughts in the comment section below!

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