Cryptocurrency

Dogecoin creator comments on Bitcoin’s price drop, expresses concern about further decline in value.

Bitcoin Plunges Further as Dogecoin Founder Mocks Its Volatility

Billy Markus Dissatisfied with Bitcoin’s Plunge

Billy Markus, the co-founder of the popular meme cryptocurrency Dogecoin, expressed his dissatisfaction with Bitcoin’s further decline below the $39,000 level on social media platform Twitter/X. Known as “Shibetoshi Nakamoto” on Twitter, Markus sarcastically greeted everyone except Bitcoin in a recent tweet, highlighting his discontent with the world’s largest cryptocurrency’s volatility, which he and his co-founder Jackson Palmer parodied when creating DOGE.

Bitcoin Rebounds After Steep Drop

Earlier today, Bitcoin suffered a sharp decline, dropping below $39,000 to hit $38,543. However, the cryptocurrency quickly rebounded, recovering by 2.41% and currently trading at $39,471.

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Bitcoin ETF Approval Triggers Volatility

Following the approval of Bitcoin exchange-traded funds by the Securities and Exchange Commission and the subsequent start of ETF trading, Bitcoin initially surged above the $49,000 level. However, the upward momentum was short-lived as the cryptocurrency began a rapid descent, losing a significant 19.56% since then.

Cryptocurrency Market Hit by Massive Bloodbath

Today, the cryptocurrency market experienced a significant downturn, resulting in the liquidation of $100 million in Bitcoin and other cryptocurrencies across various trading platforms. Additionally, Bitcoin miners reportedly dumped 70,000 BTC, equivalent to $3 billion in fiat, over the past two weeks.

Grayscale Continues to Sell Bitcoin

Grayscale Bitcoin Trust continues to offload Bitcoin onto the market, with the company recently selling 14,292 BTC worth more than a billion US dollars. Despite hopes among traders for a drop in Bitcoin’s price to the $30,000 range, vocal Bitcoin maximalist and CEO of Jan3, Samson Mow, believes it is unlikely to happen.

Belief in Bitcoin’s Long-Term Potential

Despite the current market volatility, many remain optimistic about Bitcoin’s long-term potential. Samson Mow, for instance, continues to believe that Bitcoin will eventually reach the much-anticipated $1 million mark, although he refrains from specifying a timeline for this milestone.

This article was originally published on U.Today

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