In response to Bitcoin‘s recent downturn, Billy Markus, co-founder of the popular meme cryptocurrency Dogecoin, took to Twitter, where he is known as “Shibetoshi Nakamoto,” to express his discontent with the leading cryptocurrency’s volatility. Markus sarcastically greeted his followers with, “Good morning to everyone except Bitcoin,” highlighting his amusement at the situation, considering the cryptocurrency market’s current state.
Earlier today, Bitcoin experienced a dip below the $39,000 threshold, reaching $38,543. Despite this, the digital currency swiftly rebounded, registering a 2.41% increase from its previous 3.52% loss, bringing its current value to $39,471.
The ongoing decline in Bitcoin’s value follows the approval of Bitcoin exchange-traded funds by the Securities and Exchange Commission, coupled with the initiation of ETF trading on January 11. Initially responding with a notable surge above $49,000, Bitcoin’s bullish momentum proved short-lived, leading to a significant 19.56% drop from $49,000 to its current valuation of $39,471.
In a recent market turmoil, approximately $100 million in Bitcoin and other cryptocurrencies were liquidated across various trading platforms. Cryptocurrency analyst and trader Ali Martinez also reported that Bitcoin miners have offloaded a substantial amount, disposing of 70,000 BTC, equivalent to $3 billion in fiat, over the past two weeks.
Grayscale, a prominent cryptocurrency investment firm, continues to shed Bitcoin from its Grayscale Bitcoin Trust, with a recent sale of 14,292 BTC valued at over half a billion US dollars. Despite hopes among many traders for Bitcoin to dip into the $30,000 range, allowing for strategic buying opportunities, CEO of Jan3, Samson Mow, a notable Bitcoin maximalist and evangelist, remains skeptical of this scenario.
Contrary to expectations of a further decline, Mow maintains a strong belief that Bitcoin will eventually reach the anticipated $1 million mark, although he refrains from specifying a timeline for such an occurrence.
