Billy Markus, co-founder of the popular meme cryptocurrency Dogecoin, expressed his views on the recent downturn in Bitcoin’s value through a tweet on the Twitter social media platform. Markus, known as “Shibetoshi Nakamoto” on Twitter, humorously greeted his followers with “Good morning to everyone except Bitcoin,” highlighting his ironic discontent with the unpredictable fluctuations in the world’s largest cryptocurrency, a concept he and Jackson Palmer parodied when creating Dogecoin in 2013.
Bitcoin experienced a significant dip earlier today, dropping below the $39,000 threshold to reach $38,543. However, it swiftly rebounded, registering a 2.41% gain from its previous 3.52% loss, currently trading at $39,471 at the time of writing.
The rollercoaster ride for Bitcoin follows the recent approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission, with ETF trading commencing on January 11. Initially responding with a surge above $49,000, Bitcoin’s fortunes quickly reversed, witnessing a substantial 19.56% decrease from $49,000 to its current price of $39,471.
Today’s cryptocurrency market witnessed a significant sell-off, with approximately $100 million in Bitcoin and other cryptocurrencies liquidated across various trading platforms. Notably, cryptocurrency analyst and trader Ali Martinez reported that Bitcoin miners have disposed of a substantial amount, selling off 70,000 BTC, equivalent to approximately $3 billion in fiat, over the past two weeks.
Further contributing to the market dynamics, Grayscale, through its Grayscale Bitcoin Trust, continued to offload Bitcoin onto the market. In a recent transaction, the company, led by Michael Sonnenshein, sold 14,292 BTC, surpassing a billion US dollars in value.
Despite speculation among traders anticipating Bitcoin’s drop to the $30,000 range for investment opportunities, vocal Bitcoin maximalist and Jan3 CEO Samson Mow remains unconvinced of this likelihood. Mow, while holding strong convictions about Bitcoin’s eventual ascent to the anticipated $1 million mark, refrains from specifying a timeline for this event.
