Dogecoin Co-Creator Criticizes as Bitcoin Value Falls Under $58,000

The cryptocurrency market faced a significant downturn in the last 24 hours, witnessing a drop in total market value below $2.5 trillion, marking a 5% decrease for the day. Bitcoin surprised many by plummeting 5.33%, sliding from $63,940 to $57,166. Amid this decline, Billy Markus, co-founder of DOGE, expressed dissatisfaction with Bitcoin’s price slump.

In a tweet that resonated with crypto enthusiasts and investors, Billy Markus, known for his role in creating the meme-based cryptocurrency Dogecoin, conveyed his frustration with Bitcoin. His succinct message, “Dammit Bitcoin,” hints at his disappointment with the recent performance and market behavior of the leading digital asset.

Traders seized the opportunity to “buy the dip” as Bitcoin approached the $60,000 mark, leading to a substantial number of long positions being aggressively liquidated. This trend was not exclusive to Bitcoin but also affected Ethereum and Solana, reflecting broader market dynamics.

Markus’s tweet mirrors the sentiments of many investors disheartened by Bitcoin’s struggle to sustain its bullish momentum. Responses within the crypto community varied, with some users sharing their own frustrations over recent market downturns, while others interpreted it as a call to maintain optimism and resilience, underscoring Bitcoin’s enduring long-term potential despite short-term challenges.

Further adding to the market uncertainty, the likelihood of the Federal Reserve reducing interest rates is diminishing, contributing to Bitcoin’s sharp decline. Federal Reserve Chair Jerome Powell cautioned that the current deficit levels are “unsustainable,” emphasizing the precarious financial landscape that is impacting the cryptocurrency market.

In conjunction with Bitcoin’s price regression, spot Bitcoin ETFs displayed weakness, with daily net outflows of $20.5 million recorded on Wednesday. Notably, Grayscale’s GBTC witnessed outflows of $27 million, contrasting with Fidelity’s FBTC, which experienced inflows of $6.5 million. The remaining ETFs reported no inflows during this period, indicating a broader trend of reticence in the market.

Overall, the recent market dynamics have underscored the fragility and volatility inherent in the cryptocurrency space, prompting investors and enthusiasts to navigate these challenges with caution and strategic foresight.