The Crypto Market Rollercoaster: A Closer Look at Bitcoin, Ethereum, and Dogecoin
Billy Markus, one of the original founders of the meme cryptocurrency Dogecoin, known as Shibetoshi Nakamoto in the crypto world, recently shared his thoughts on the dramatic price drop that Bitcoin, Ethereum, and Dogecoin have experienced in the past 24 hours.
Markus’ Sarcastic Response
Markus is famous for his witty and sarcastic commentary on the volatility of the crypto market. In a recent post, he humorously displayed a chart showing the price decline of Bitcoin, Ethereum, and Dogecoin. In all caps, Markus wrote, “SO GLAD I QUIT MY JOB,” as Bitcoin fell below $98,000, with the latest price sitting at $96,076 per coin. This marks a 6.45% decrease from the $102,000 level seen on Thursday.
Meanwhile, Dogecoin, Markus’ brainchild, experienced a more significant drop of almost 17%, plummeting from $0.36668 to $0.30491. Ethereum, the second-largest cryptocurrency by market cap, also saw a sharp decline of 11.2%, dropping from $3,711 to $3,301.
The Impact of Market Conditions
The overall crypto market has suffered notable losses, with approximately $1.2 billion in value wiped out. The majority of these losses came from the liquidation of long positions, accounting for $1.07 billion. The trigger for this sell-off was Federal Reserve Chairman Jerome Powell’s announcement that the central bank plans to reduce interest rate cuts by only 25 basis points, instead of the anticipated 100 basis points.
Encouragement Amidst Challenges
In response to the market turmoil, an X user commented with the acronym “WAGMI,” which stands for “we’re all gonna make it.” This phrase is often used to provide encouragement and optimism during tough times, not only in the financial markets but also in personal challenges. Shibetoshi Nakamoto playfully responded with an animated GIF, adding a touch of irony to the situation.
Despite the current volatility in the crypto market, there is always room for humor and positivity amidst the chaos.