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Dogecoin Founder Issues Bitcoin Statement on Further BTC Decline

Published 01/27/2024, 06:57 PM
Updated 01/27/2024, 09:00 PM
Dogecoin Founder Issues Bitcoin Statement on Further BTC Decline

U.Today - Billy Markus, who founded the iconic meme cryptocurrency Dogecoin together with Jackson Palmer back in 2013 and launched it, has taken to Twitter/X social media network to comment on the further plunge Bitcoin took earlier today as it went below the $39,000 level.

“Shibetoshi Nakamoto”, as Markus is known on Twitter, stated in his recent tweet “Good morning to everyone except Bitcoin,” thus showing sarcastically his dissatisfaction with the volatility of the world’s largest cryptocurrency, the one which he and Palmer parodied when they created DOGE.

Earlier today, the leading digital currency dived under $39,000, hitting $38,543. However, it quickly rebounded, adding 2.41% (versus the previous loss of 3.52%) and at the time of this writing, BTC is exchanging hands at $39,471.

Bitcoin bloodbath continues

Since the approval of Bitcoin exchange-traded funds by the Securities and Exchange Commission and the start of ETF trading on January 11, Bitcoin first responded with a sharp increase above the $49,000 level.

However, that did not last long and Bitcoin started its rapid descent into the red. By now, it has lost a whopping 19.56%, falling from $49,000 to the current $39,471 price mark.

As reported, earlier today the cryptocurrency market was struck by a massive bloodbath as $100 million in Bitcoin and other cryptocurrencies were liquidated across various crypto trading venues.

Aside from that, according to a recent tweet of cryptocurrency analyst and trader Ali Martinez, over the period of the last two weeks, Bitcoin miners have dumped a large chunk of Bitcoin, getting rid of 70,000 BTC (the equivalent of $3 billion in fiat).

Bitcoin is not going into $30,000 range: Samson Mow

Aside from that, Grayscale continues to dump Bitcoin from its Grayscale Bitcoin Trust onto the market. Yesterday, the company spearheaded by Michael Sonnenshein sold 14,292 BTC worth more than have a billion US dollars.

Still, while a great many cryptocurrency traders hope that Bitcoin will drop into the $30,000 range, so they can start buying the dip, vocal Bitcoin maximalist and evangelist, CEO of Jan3, Samson Mow, does not believe it is likely to happen.

In the meantime, Mow remains a strong believer that Bitcoin will eventually reach the much-expected $1 million mark. However, he does not specify when it is likely to happen.

This article was originally published on U.Today

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