In a sardonic turn of events, Billy Markus, co-founder of the iconic meme cryptocurrency Dogecoin, took to Twitter, where he is known as “Shibetoshi Nakamoto,” to express his dissatisfaction with Bitcoin‘s recent plunge below the $39,000 level. Markus, who, along with Jackson Palmer, founded Dogecoin in 2013 as a parody of Bitcoin, couldn’t resist commenting on the volatility of the world’s largest cryptocurrency.
In a recent tweet, Markus cheekily greeted his followers with “Good morning to everyone except Bitcoin,” highlighting the frustration with the unpredictable nature of the cryptocurrency market. This tweet came as Bitcoin experienced a dip, briefly falling to $38,543 before rebounding by 2.41% and stabilizing at $39,471 at the time of writing.
The ongoing turbulence in the Bitcoin market intensified following the approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission, with ETF trading starting on January 11. Initially responding with a sharp surge above $49,000, Bitcoin’s value has since tumbled by a significant 19.56%, from $49,000 to the current $39,471.
Today’s market turmoil witnessed a massive liquidation of $100 million in Bitcoin and other cryptocurrencies across various trading platforms. Additionally, cryptocurrency analyst Ali Martinez reported that Bitcoin miners offloaded a substantial 70,000 BTC (equivalent to $3 billion) over the past two weeks.
Amidst Grayscale Bitcoin Trust’s continued sell-off, offloading 14,292 BTC worth over half a billion dollars, speculations arise regarding Bitcoin’s potential drop into the $30,000 range. However, Bitcoin maximalist and CEO of Jan3, Samson Mow, remains skeptical of such a scenario. Despite the ongoing market uncertainties, Mow maintains his belief that Bitcoin will eventually reach the much-anticipated $1 million mark, though he refrains from specifying a timeline for this prediction.
