🔥Early Access: Land A High Paying Web3 Job In 90 Days LEARN MORE

Dogecoin’s Co-Founder Responds to Recent Crypto Market Crash

In this post:

  • Billy Markus humorously responds to a sharp decline in major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
  • The crypto market downturn coincides with the upcoming Bitcoin halving event, expected to further influence market dynamics and potentially lead to a recovery post-halving.

Billy Markus who is also known as the ‘Shibetoshi Nakamoto’ on social media and is one of the co-creators of DogeCoin recently commented on a very sharp decline in cryptocurrency values of such cryptocurrencies as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE). It is Markus’ tendency to sarcastically comment on volatile market and he plays a troubled market in a humorous way, his Twitter post during the crash. This post,” oh no everything died we are dead” focused on the general nature of people’s misconceptions about the market, illustrating the overreactions made by investors when major cryptocurrencies underwent massive drops.

Detailing the crash

The recent decisions which were not expected brought to market drop in value in the top cryptocurrencies. During the course of the last 24 hours, Bitcoin has fallen sharply from the highs of $70,760 to the current level of $67,490, which constitutes about a 7% downwards movement. In the same manner, after a fallover of more than 10% that started from $3,525, Ethereum was trading at $3,161.

Despite a slight recovery that led Ethereum to $3,259 and BTC to $67,472, the sharped decline spilled over into the market with some of the smaller players having to sell their holdings. Cryptocurrency liquidation totaled approximately $735 million overnight in a sign that this downturn has affected everybody regardless of what they trade in.

See also  Uniswap Labs introduces Unichain L2 native network

Venues and the expected BTC halving.

The timetable of this crash is very interesting as it falls on the brink of the bitcoin halving event which is set to take place on 21st, April. This event, which slashes the number of new bitcoins produced per block by 50%— from 6.25 BTC to 3.125 BTC—is monitored carefully by the crypto community. Conventionally, halving moments usually are digits of rising market mood, mainly, people dream of the same situation. After the recent drop, a correction might take place, potentially leading to an increase after halving. Dogecoin could be one of the crypto’s that profit from this event.

Markus’s remark is simply a short line with the purpose to remind us of us always-present volatility within crypto market combined with humorous portrayal of it, which spice it all up. In light of the coming halving event, his way of thinking provides the community with a distinctively upbeat view from the usual turmoils that continuously rock the virtual crypto world.

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan