Billy Markus, known on the X platform as Shibetoshi Nakamoto, who created the iconic meme cryptocurrency Dogecoin in tandem with Jackson Palmer in 2013, has shared his take on the way the Bitcoin price reacted to the big interest rate loosening by the Fed Reserve.
In his typical sarcastic manner, Markus pointed out that the world’s largest cryptocurrency defied all the bullish expectations.
DOGE creator mocks Bitcoin bulls
On Wednesday, at the scheduled FOMC meeting, the U.S. Federal Reserve announced a long-awaited interest rate cut by 50 basis points. Just a few days prior to that, experts debated whether the rate cut would comprise 25 or 50 bps; however, the latter was ultimately announced by Fed chairman Jerome Powell.
This was the first rate cut since 2020, when the world was engulfed by the pandemic. Notably, in the same year, Bitcoin saw its third halving implemented too, so in 2021, driven by these and several other factors, the largest cryptocurrency scored two all-time highs. The latter was close to the $69,000 price level reached in late fall.
In 2024, another Bitcoin halving took place in April, now followed by a major interest rate cut. Bitcoin investors expected BTC to surge. However, the price went down sharply after a small rise immediately after Powell’s rate cut announcement took place.
WHAT IS THIS A RALLY FOR ANTS pic.twitter.com/gPBbDUr3qM
— Shibetoshi Nakamoto (@BillyM2k) September 18, 2024
Billy Markus drew his army’s attention to that fact, sharing screenshots with the prices of the S&P 500 index, with BTC/USD and ETH/USD first rising and then falling sharply.
WTFFFFF pic.twitter.com/AnezoheIOr
— Shibetoshi Nakamoto (@BillyM2k) September 18, 2024
However, by now, Bitcoin has demonstrated an impressive 4.64% surge, recovering from the aforementioned fall to $59,380 and jumping to the $62,135 price mark as BTC reacted to the interest rate decrease.
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Markus slams Vitalik Buterin and crypto conferences
As reported by U.Today earlier, Ethereum cofounder Vitalik Buterin put up an eye-catching performance on stage during the TOKEN2049 crypto and blockchain conference in Singapore by singing in front of the audience.
Many notable members of the cryptocurrency community criticized him for that. In particular, among them were Bitcoin maximalist Samson Mow and Billy Markus. The Dogecoin cofounder tweeted that he wished all crypto conferences were banned.
Mow tweeted that Vitalik’s performance again proved to him that Ethereum was “dead.”
