Dogecoin Co-Founder Lashes Out After Bitcoin Price Drops Below $58k

The cryptocurrency markets have taken a big hit in the past 24 hours, with the total market value dropping below $2.5 trillion, down 5% for the day. Bitcoin has surprised the community by falling 5.33%, from $63,940 to $57,166. Amid this drop, DOGE co-founder Billy Markus has shown frustration with Bitcoin’s price plunge.

Billy Markus Expresses Frustration

In a tweet that caught the attention of crypto enthusiasts and investors alike, Billy Markus, co-founder of the popular meme cryptocurrency Dogecoin, expressed his frustration with Bitcoin. 

The brief message, “Dammit Bitcoin,” suggests a level of frustration with the leading cryptocurrency’s recent performance and market dynamics.

dammit bitcoin

— Shibetoshi Nakamoto (@BillyM2k) July 4, 2024

It was found that a lot of traders began to buy the dip when the leading bitcoin was approaching the $60,000 level with a large number of long positions being liquidated aggressively as of late. However, the same is happening with Ethereum and Solana.

Community Reaction 

Markus’s tweet reflects the sentiments of many investors who have been disheartened by Bitcoin’s inability to maintain its bullish momentum. The crypto community’s reactions to Markus’s tweet have been varied. 

Some users echoed his frustration, sharing their own experiences of the recent market downturns. Others saw it as a call to remain hopeful and resilient, believing that Bitcoin’s long-term potential remains strong despite short-term challenges

Fed Warns of Bitcoin Unsustainable

Adding to the uncertainty, the chances of the Federal Reserve cutting interest rates are decreasing. This is likely one of the reasons behind Bitcoin’s sharp drop today. Federal Reserve Chair Jerome Powell has warned that we are in a “critical period” for the Fed and that current deficit levels are “unsustainable.” 

This warning highlights the increasing financial instability impacting the cryptocurrency market.

Weakness in Spot Bitcoin ETFs

In addition to Bitcoin’s price decline, spot Bitcoin ETFs have shown weakness. On Wednesday, July 3, spot Bitcoin ETFs experienced daily net outflows of $20.5 million. 

Grayscale’s GBTC saw $27 million in outflows, while Fidelity’s FBTC was the only ETF to see inflows, with $6.5 million. All other ETFs had zero inflows.