Bitcoin's Price Is Below $7K and (Some) Hodlers Aren't So Happy About It

The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.

While pundits don't quite agree on the circumstances behind the plunge (with some blaming reports of a widening manipulation crackdown, the hack of South Korean crypto exchange Coinrail or just some pre-week selling), what's clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.

Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a sign of the times, half of the roughly 3,700 respondents blamed "aliens" with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.

Why the dip?#bitcoin







— Alistair Milne (@alistairmilne) June 10, 2018

And as another observer pointed out, it's not just bitcoin that felt the heat this weekend – many of the world's largest cryptocurrencies by market capitalization saw downward price moves.

Richard Heart asked his followers on Sunday:

How is everyone's Sunday going? pic.twitter.com/t3kSTJusmL







— Richard Heart (no giveaways) (@RichardHeartWin) June 10, 2018

Light-hearted take

The efforts at levity amidst the market tumble were seen elsewhere. For example, investor-focused social network StockTwits tried to encapsulate what some traders are likely feeling – in gif form, that is.

Because Bitcoin $BTC.X is under $7,000https://t.co/qs8GmWtGMI pic.twitter.com/rso9bUebL4







— StockTwits (@StockTwits) June 11, 2018

And cryptocurrency reporter Joseph Young contrasted the viewpoints of an office worker on Monday eager for Friday to arrive with a crypto trader going through the price headwinds.

Monday at normal job: tired, can't wait till Friday.







Monday in crypto: life savings down 20%.



— Joseph Young (@iamjosephyoung) June 10, 2018

Glass half full?

Not all those in the trader community are looking at the situation as an entirely negative one or a reason to remain bearish.

Indeed, some observers are still calling for the "moon" – even though this weekend's price moves may slow that process a bit.

Keep calm and relax... Are you bearish? I am not!



The moon please :)#BTC #XRP pic.twitter.com/MWpPl5C11V







— Fabien Vernagallo (@fabvernagallo) June 10, 2018

And others, according to today's social media churn, are already looking toward greener pastures:

I have this support holding for a bit for #BTC #Bitcoin - but any rally in the coming week or two should be seen as a shorting opportunity.







I'll keep y'all updated