Billy Markus, the co-founder of the renowned meme cryptocurrency Dogecoin, expressed his views on the recent downward trend in Bitcoin’s value through a Twitter post. Markus, also known as “Shibetoshi Nakamoto” on Twitter, humorously shared his dissatisfaction with Bitcoin’s volatility as it dipped below the $39,000 level earlier today.
In his tweet, Markus stated, “Good morning to everyone except Bitcoin,” playfully highlighting his commentary on the world’s largest cryptocurrency, which he and Jackson Palmer parodied when creating Dogecoin in 2013.
Bitcoin experienced a significant drop earlier today, reaching $38,543 before rebounding by 2.41% to $39,471 at the time of this statement. This decline follows the approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission and the subsequent start of ETF trading on January 11.
Despite an initial surge above $49,000, Bitcoin’s value has seen a substantial decrease, plummeting by 19.56% from $49,000 to its current level of $39,471. The cryptocurrency market witnessed a considerable sell-off today, with approximately $100 million in Bitcoin and other cryptocurrencies liquidated across various trading platforms.
Cryptocurrency analyst Ali Martinez highlighted in a recent tweet that Bitcoin miners have offloaded a significant amount of Bitcoin, selling 70,000 BTC (equivalent to $3 billion in fiat) over the past two weeks. Additionally, Grayscale, through its Bitcoin Trust, has been selling substantial amounts of Bitcoin, with a recent transaction involving the sale of 14,292 BTC, valued at over half a billion US dollars.
While some cryptocurrency traders anticipate a drop in Bitcoin’s price to the $30,000 range, Samson Mow, CEO of Jan3 and a prominent Bitcoin maximalist, dismisses the likelihood of such an occurrence. Mow remains optimistic about Bitcoin’s long-term prospects, maintaining a belief that it will eventually reach the anticipated $1 million mark. However, he refrains from specifying a timeline for this potential milestone.