Billy Markus, co-founder of the popular meme cryptocurrency Dogecoin, expressed his sarcastic dissatisfaction with Bitcoin’s recent plunge below the $39,000 level on Twitter. Markus, known as “Shibetoshi Nakamoto” on the platform, humorously tweeted, “Good morning to everyone except Bitcoin,” reflecting his views on the volatility of the world’s largest cryptocurrency.
Bitcoin experienced a sharp decline earlier in the day, dropping below $39,000 to $38,543 before quickly rebounding to $39,471, marking a 2.41% increase. The cryptocurrency market witnessed significant liquidations, with around $100 million in Bitcoin and other cryptocurrencies liquidated across various trading venues.
Bitcoin’s recent price movement has been marked by increased volatility, following the approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission and the subsequent start of ETF trading on January 11. Bitcoin initially surged above $49,000 but has since experienced a notable downturn, losing approximately 19.56% of its value.
Notably, cryptocurrency analyst and trader Ali Martinez reported that Bitcoin miners had dumped around 70,000 BTC, equivalent to $3 billion in fiat, over the past two weeks. Grayscale, a major player in the cryptocurrency market, also continued to sell Bitcoin from its Grayscale Bitcoin Trust, with the recent sale involving 14,292 BTC worth over half a billion dollars.
Despite the current bearish sentiment and hopes among some traders for Bitcoin to drop into the $30,000 range, vocal Bitcoin maximalist Samson Mow, CEO of Jan3, expressed skepticism about this scenario. Mow remains a strong believer in Bitcoin’s long-term potential, foreseeing its eventual rise to the much-anticipated $1 million mark, although he does not provide a specific timeline for this prediction.